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Your estate plan isn’t a set-it-and-forget-it process

On Behalf of | Oct 4, 2022 | Estate Planning

Creating an estate plan is a smart first step in planning for your future. However, some people mistakenly believe that they are done once this document is created. 

It’s necessary to revisit and revise your estate plan from time to time. While you should do this at least annually if no changes have occurred in your life, there are life events that require you to update your estate plan

Having a child

If you have a child or adopt a child (or grandchild), it’s important to revise your estate plan to ensure they are included. Remember, these documents aren’t updated automatically. You must manually add them to your will, trust or any other planning document you have created. 

Getting married or divorced

If you are getting married, it’s important to add your spouse to your life insurance policy (likely as the beneficiary), your will and other estate planning tools. The same is true if you are filing for divorce. At this point, you will likely want to remove your ex-spouse from these documents. If you don’t make these changes and pass away, they may receive a portion of the estate that should go to others in your family. 

Receiving an inheritance or gift

If you or your spouse receive a large inheritance or gift, you should update your estate plan to reflect this. If you don’t, it could cause issues down the road. 

Protecting your finances and future

If you want to ensure that your finances and future are protected, updating and revising your estate plan regularly is a good idea. Failure to do this may result in serious issues if you pass away or are incapacitated in the future.