We are your Southern California partner in estate administration and estate protection.

Which life events trigger a need to revise your estate plan?

On Behalf of | Apr 6, 2023 | Estate Planning |

Having an estate plan is a crucial way to preserve your legacy. However, to ensure it continues to provide the protection you want and need, you should consider reviewing and revising your plan after certain life events.

Relationship changes

When people leave or come into your life, it can be wise to update your plan. Doing so can minimize confusion and the risk that someone will contest your wishes or be in a position of control you would not want.

Thus, you can revise your plan before or after the following:

  • Getting married
  • Getting divorced
  • Having a new child or grandchild
  • Death of a loved one
  • Estrangement
  • Reconciliation
  • Anytime

These events can affect appointments and the transfer or inheritance of your property.

Shifts in assets

Revising your plan after minor financial changes may not be necessary, but updating your estate plan can be smart when there are meaningful shifts in your assets.

To ensure your plan remains accurate and comprehensive, you can update it after events like:

  • Retirement
  • Buying or selling property
  • Bankruptcy filing
  • Receiving an inheritance
  • Opening new accounts

After these events, the gifts and property you pass down changes dramatically, so revising your estate plan is a good idea.

Medical diagnoses

After being diagnosed with a serious health condition, updating your plan canbe crucial. Revisions can ensure someone you trust will be in a position to make medical or financial conditions on your behalf. You can also make certain that your planning reflects the provisions during any incapacity.

New perspectives

As we get older and go through new experiences, our perspectives can change. For instance, you may think differently about things like charitable giving, leaving your kids a certain amount of money or what you want your final arrangements to involve.

Therefore, periodically revising your plan can ensure your estate plan reflects your wishes, values and beliefs.

In light of these events, changing your estate plan may not be at the top of your priority list. However, doing so can make a tremendous difference in your future and the legacy you leave behind.