Five Times in Life When You Should Update Your Estate Plan

Circumstances change. Goals change. Relationships change. That’s why estate planning is very rarely a “one-and-done” deal. As your life progresses, it is very important to periodically review your estate planning and make sure that it still suits your needs in the best way possible. Sometimes, as certain things change, it is necessary to rearrange. When a life-changing event occurs and you need to update your estate plan, it is not as simple as just updating the document. You also must make sure your titles are still coordinated with your documents. In today’s blog post, we’re taking a look at five scenarios that should always trigger you to review your estate plan with your attorney.

1. You retire.

It is important to update your estate plan when you retire. This is a huge financial milestone and comes with a significant change in how you support yourself. It is also important to think about things like how you will afford the healthcare and housing matters that impact older people. Aging is expensive!

2. A loved one dies.

It can be difficult to do anything but mourn when you’ve just lost a loved one, but it is important to update your estate plan accordingly. This is especially true if they were a beneficiary, the agent of your power of attorney, or the executor of your will.

3. A loved one is born.

When you welcome a new member of the family, it is likely that you will want to add them to your estate plan to make sure they will be provided for even after you are gone. Sitting down with your attorney to rearrange your will and other documents is a great way to celebrate a beloved baby’s birth. You should also take it into consideration if your family is growing in other ways, such as through adoption!

4. You get married.

When you get married, you not only bind yourself to someone emotionally, but also financially. It is absolutely essential that you and your new spouse look at your estate plans — both together and separately — at this time! This is important whether it’s your first marriage or you’re remarrying.

5. It has been more than three years.

Even if none of the big life events outlined above have occurred, we still recommend updating your estate plan at least once every three years at least. Goals, relationships, and plans can change slowly, without you even realizing how different your outlook is now from how it used to be. It is wise to check in on your estate plan routinely and rearrange as needed.

Contact J. Kevin Tharpe, P.C.

If you are ready to create or update your estate plan, our team is here to help. Contact J. Kevin Tharpe, P.C. today to learn how we can help you create a plan that is consistent with your needs and goals. We can’t wait to work with you!

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Kevin Tharpe

With 25 years of experience, Kevin understands how estate planning, special needs planning, and government benefits programs work together. This is a crucial element of a thorough plan. He explains your eligibility for benefits programs and ensures that you do not make costly mistakes that may disqualify you or deplete your assets.

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