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6 Reasons To Revise Your Estate Plan As Soon As Possible

This article is more than 7 years old.

Creating a solid estate plan is a wonderful idea – but the process shouldn’t end when your plan is in place.

Periodically reviewing your plan ensures it accurately reflects your current goals and requirements. Make sure you revise your estate plan if your personal or financial situation changes, like:

  1. Divorce. Once your divorce is finalized, your plan should be revised as quickly as possible to reflect any new goals and desires. In addition, you can take steps to protect your heirs from potential future divorce.
  2. Re-Marriage. If you and your new spouse both have children from a previous marriage or relationship, working with an estate planning attorney is essential to navigate the complexities of providing for the children of blended families. And you can ensure the re-marriage of heirs will not adversely affect your wishes, so make sure your estate plan review includes re-marriage protection.
  3. Birth or Adoption of Children. In addition to providing for your child’s financial future, you may also wish to appoint a legal guardian in the event you and your spouse die or are incapacitated.
  4. Illness or Injury. If you or one of your family members becomes seriously ill, you may want to consider changing your plan to reflect their increased needs.
  5. Changes in Tax Laws. Tax laws are constantly changing and can dramatically affect your estate plan. Your estate lawyer can  help ensure that your plan takes advantage of new legislation.
  6. Inheritance. The increased value of your estate may cause you to change how your assets are distributed upon your death.

There are a number of personal and financial reasons to review your estate plan on a regular basis.  Make sure yours is always up to date... and that what you intend to happen to your assets -- and your family -- will actually happen.