Whether you’ve had an estate plan for years or only recently set one up, it’s essential to update your estate plan from time to time. So when should you update your estate plan? That answer depends on your unique circumstances. However, most financial experts recommend that you review and revise your estate plan every three to five years or after you’ve undergone a significant life event. Here’s a closer look at circumstances that may warrant an update to your estate plan:
A change in your marital status is the ideal time to review your estate plan. If you get married, you may want to add your new spouse to specific estate planning documents. On the flip side, if you divorced, you might want to remove your former partner from your estate plan.
It’s essential to protect your children when something unfortunate happens to you or your child’s other parent. That’s why the birth of a child usually requires an update to your estate plan. You can also use the opportunity of updating your estate plan to name a guardian for your child.
Maybe you purchased a home, or perhaps you made a considerable investment or became a business owner. If there has been a substantial change to your finances, you must update your estate plan to reflect your and your family’s new needs.
Estate planning laws may vary from state to state. While some differences are slight, others are significant and warrant changes. Things related to powers of attorney, advance medical directives, and living wills. If you move to another state or acquire a second residence there, it’s in your best interest to meet with a legal professional to learn how your new state’s estate laws impact your situation.
An estate plan is designed to protect your health, well-being, and finances. If you or a loved one experience a substantial change in health, it’s essential to revise your estate plan. For example, if your power of attorney is a spouse whose health now prevents them from taking on the role, you may want to consider changing to someone else.
A financial professional can help you with your ever-evolving estate planning needs by reviewing your financial situation and determining the ideal strategy for your unique situation.
SWG2241771-0622a The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed. This information is provided as general information and is not intended to be specific financial or tax guidance. When you access a link you are leaving our website and assume total responsibility for your use of the website you are linking to. We make no representation as to the completeness or accuracy of information provided at this website. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information and programs made available through this website.
At Revisionist Wealth, we specialize in the distribution phase of our clients’ financial lives. We provide Retirees and Pre-Retirees with proven strategies. That delivers security, consistency, and predictability in their retirement, regardless of stock market volatility from year to year. Schedule a Call today to begin your financial journey today to begin your financial journey.