Creating your estate plan is not a one-time event. Estate planning is an ongoing process that should be revisited and updated as your life unfolds.

While creating an estate plan is a critical first step in protecting your legacy and ensuring your wishes are fulfilled, life events can change circumstances in ways that impact your plan’s effectiveness and relevance.

Here are some of the most common life events that signal it’s time for an estate plan review.

Marriage or Divorce: Marriage often means a new partner you may wish to include in your estate plan, whether by assigning them assets, designating them as a beneficiary, or giving them powers of attorney. Divorce, on the other hand, usually necessitates removing an ex-spouse from these roles to avoid unintended consequences.

Birth or Adoption of a Child: The addition of a child to your family is a major life event that calls for updates to your estate plan. Most parents want to ensure their child’s future financial security by designating inheritance funds, appointing guardians, or setting up trusts for the child’s benefit.

Death of a Beneficiary or Fiduciary: If a person named in your estate plan, such as a beneficiary or Personal Representative or Trustee, passes away, you’ll need to update your plan to designate new people in those roles. This ensures that the distribution of your assets aligns with your current wishes.

Changes in Assets: Acquiring or selling significant assets, such as property, business interests, or investments, also warrant an estate plan update. Incorporating new assets or reallocating existing ones can help ensure they’re distributed according to your intentions.

Regular reviews of your estate plan give you control over how your assets are managed and passed down, protect your family’s future, and help prevent legal complications. Generally, reviewing your plan every three to five years or immediately following any major life event is advisable. By keeping your estate plan current, you can safeguard your legacy and ensure that your wishes are honored, no matter what changes life brings.

Seek the advice of your estate attorney and other trusted advisors to make sure you stay on track. Sassoon Cymrot Law’s skilled estate planning and estate administration team is here to help. Contact us today.