Creating estate planning documents is an important part of life. As life changes occur, there is a need to update these documents so that they are valid and showcase your current wishes. Below are some reasons as to why you would need to update your estate planning documents.
- Your spouse dies
- You get married
- You re-marry
- You separate
- You divorce
- You give birth or adopt a new child
- You have new stepchildren
- Your finances change significantly
- You sell or buy a business
- A person named in your documents has died
- Changes in state laws
- A trusted helper moves away
- A trusted helper dies
- You purchase a life insurance policy
- You decide to leave assets differently
- You decide to change guardians
- You have different estate planning goals
- You move to another state
- You retire
- Someone in your family becomes ill or needs special care
- Tax laws change
- Your children become adults
- Your spouse enters a nursing home
Have any of the above things happened? If so, you may need to update your estate planning documents. While most estate planning attorneys recommend that everyone updates their estate planning every 3 to 5 years, you may need to update much sooner if any of the above events occur.
It is important to make changes to your documents before a crisis or hardship occurs. By keeping up to date with your planning, you can make sure you are always ready for what the future brings.
If you have any questions or concern about updating your estate planning documents or want to learn more about estate planning, consult with a qualified estate planning attorney.