Life is full of big changes—some exciting, some unexpected—but they all have the potential to impact your estate plan. Major life events, from marriage to financial shifts, can alter your wishes, legal responsibilities, and asset distribution. If you don’t review and update your estate documents accordingly, state laws or outdated instructions may determine what happens to your assets. Here are key times to consider reviewing your estate plan.

A Significant Change in Assets

Receiving an inheritance, starting a business, or facing financial hardship can greatly affect your estate planning goals. For instance, if you suddenly inherit a large sum of money, you might want to adjust how your assets will be distributed among your beneficiaries to reflect this new financial landscape.

Death of a Beneficiary or Executor

Should someone named in your estate plan pass away, updating your designations becomes essential. For example, if your chosen executor passes, appointing a new trusted individual will ensure your wishes are carried out as intended. Similarly, revising beneficiary lists prevents unintended inheritances.

Moving to a New State

Relocating can necessitate estate plan updates since laws differ across state lines. If you move to a new state, reviewing your will, trust, or other estate documents with an attorney familiar with local regulations is wise to ensure compliance.

Becoming a Parent

Welcoming a new child into the family is a joyous occasion that calls for a reassessment of your estate plan. It’s crucial to ensure that guardianship designations are clearly outlined to protect your children and make sure they’re financially secure should anything happen to you.

Getting Married or Divorced

Marriage alters legal and financial circumstances, affecting asset distribution. Updating your estate plan can help incorporate your spouse in your estate or business ventures. Conversely, after a divorce, swift amendments prevent unintended beneficiaries like an ex-spouse from inheriting your property.

It's advisable to review your estate plan every three to five years or sooner if significant life changes occur. Consulting an estate planning attorney is invaluable for navigating these changes smoothly. They can provide expert advice tailored to your situation, ensuring your wishes are protected and your loved ones are cared for.