Getting your affairs in order, aka creating an estate plan, is one of the most caring actions you can take for your loved ones. Suppose you have an estate plan already, good for you. But, like many things, this is not a “one-and-done” event. Once you have gone to the time and trouble to create one, please don’t make the mistake of not keeping it updated when needed. Here are the top five life changes that, should they happen to you, most definitely should prompt you to contact an experienced estate planning attorney to help you update your estate plan.
1 You’re Getting Married or Divorced: Clearly, either situation requires your plan to be updated. That will include updating beneficiaries, assigning new powers of attorney, perhaps medical directives, and more. Don’t delay on this one, as it can have serious consequences otherwise.
2 You Have a New Baby or Are Adopting a Child: Your plan will be modified to include adding beneficiaries, designating a guardian, and possibly changing insurance policies.
3 Your Financial Situation Changes Significantly: This might be caused by an inheritance or a business success. Or, perhaps things have gone the other way, and you’ve suffered a financial setback. Whichever way it has gone, you should review your estate plan to see if you need to make updates to asset distribution.
4 You’ve Moved to Another State or Country: Each state and country has unique laws and regulations. You can’t assume your estate plan will be valid. It is important to work with an estate planning attorney familiar with the new state or country’s laws to update your plan accordingly if needed.
5 You’ve Experienced Health Changes; Maybe Even Become Disabled: If you or a loved one experiences a decline in health or becomes disabled, now is the time to review your plan and ensure it still aligns with your wishes. If you haven’t drawn up a medical directive or living will, it should be considered now.
I know that when many individuals complete their estate plan, they just want to put it in the file cabinet and forget it. I get it. It required time, money, and effort. But if any of the above life changes have happened to you since you stored your estate plan … it’s time for a review and, most likely, an update. One thing to note: my estate planning clients enjoy a complimentary estate plan review every three years with me to ensure the plan continues to accurately reflect their decisions and wishes. If you have a plan that needs a “refresh,” feel free to reach out. Let’s get that done. Call me at 513-399-7526 or schedule a consultation through my website at www.davidlefton.com