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Questions to ask before updating your estate plan?

On Behalf of | Dec 15, 2023 | Estate Planning

Estate plans allow you to instruct how your assets and investments are handled after you pass away. Estate planning is a process you should be engaging with for the rest of your life. 

An estate plan can be updated at any time. Before you make changes to your estate plan, you may need to ask the following questions: 

When was the last time you updated your estate?

How long it’s been since you last updated your estate plan can greatly determine if you need to make any changes. Many people update their estate plans every three to five years. This is often the appropriate amount of time to account for new assets obtained since the last time you made an estate plan.

Were you recently married or divorced?

A lot changes in people’s lives after they get married. If you’re newlywed, you may need to discuss and update your estate plan if they’re considering including your spouse. Your spouse may be included as the primary beneficiary, power of attorney or guardian of a child from another marriage or relationship. This is often changed back if the testator went through a divorce.

Did you recently have a child?

If you’re a parent, you want the best for your children. One way to help ensure a child’s future is secured is by adding them to your estate plan. For example, some parents make trusts for their children. The funds in the trust may be used for higher education for their child. 

Have you moved to another state?

Each state has unique estate planning laws. These laws can greatly affect how an estate is handled, especially if you recently moved from one state to the next. You may need to update your estate plan to abide by these changes.

As you update your estate plans, you may need to reach out for legal help to learn about your options.