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. Without regular reviews and updates, state laws or outdated instructions may determine what happens to your assets. Here are some pivotal moments when you should consider revisiting your estate plan.

Becoming a Parent

Becoming a parent is one of life's most profound changes. Ensuring your children are financially protected and that guardianship designations are clear in case of an emergency is crucial. Consider scenarios where you're unable to provide immediate care and adjust your documents to reflect your wishes accurately.

Moving to a New State

Different states have varying estate planning laws. If you relocate, it may be essential to update your will, trust, or other documents. For instance, some states may have different rules about property rights, making an update necessary to align your estate plan with local laws.

Getting Married or Divorced

Marriage significantly alters legal and financial circumstances. It’s crucial to adjust your estate plan to ensure that your spouse receives appropriate distributions. Conversely, divorce requires immediate updates to prevent unintended beneficiaries from inheriting your assets. Consider the number of people who find their ex-spouses unintentionally listed as beneficiaries—an oversight that a timely update could prevent.

A Significant Change in Assets

Receiving an inheritance, starting a business, or experiencing financial hardship can impact your estate planning goals. If your financial situation changes dramatically, your estate plan should reflect your new circumstances. For example, a new business may need to be included in your trust to ensure it’s managed according to your vision if something happens to you.

Death of a Beneficiary or Executor

If someone named in your estate plan passes away, updating your designations ensures your wishes are still carried out as intended. Think about the implications of an executor being unable to fulfill their role. Consistently updating your plan can prevent potential disputes and mismanagement.

If you find these life events apply to you, it's wise to review your estate plan regularly—every three to five years, or sooner if major life events occur. Seeking professional estate planning guidance can help you navigate these changes smoothly. Consulting with an estate planning attorney ensures your plan aligns with your current life situation and legal requirements. Reach out if you have questions or wish to discuss your specific circumstances further.