2 signs you need to update your estate plan

You’ve worked hard your entire life and acquired a significant amount of wealth. You’ve also created an estate plan and allotted some of your assets to the people and causes you care about. All looks good except there is one little problem – you created your estate plan ten years ago. 

Just like you are, your estate plan is a living thing – legally speaking. As such, it is important that you update it from time to time to reflect your current wishes and circumstances. This way, you can be certain that your estate plan reflects your wishes in real-time and is able to do the job you created it to do – safeguard your legacy and loved ones’ futures. So how do you know it’s time to update your estate plan?

Here are two clear signs you need to update your estate plan:

Your marital status has changed

Most people assign important roles to their spouses in their estate plans, and chances are you did too. Perhaps you assigned them your healthcare power of attorney. If you have since divorced them, it is only sensible that you strip them of this role. Likewise, if you named your spouse as a beneficiary, you might want to disinherit them. All these are only possible when you update your estate plan. 

You’ve had a baby or grandchild

Welcoming a new family member is certainly worth a celebration. And part of this involves including your little bundle of joy in your estate plan. Specifically, you need to set aside assets for your baby. Additionally, you need to name a guardian for your child. This is the person who will take care of your child should something happen to you and the other parent. 

For your peace of mind, you need an estate plan. Find out how you can update your estate plan to reflect your current wishes.