When to update your Estate Planning
Most people actually need to update their estate plan every few years because life, finances, and relationships are always changing. Many changes happen over the years, and it is essential that your estate plan stays current to reflect those changes and the impact on your wishes.
Below are some reasons why you should update your estate planning:
- Marriage: To confirm your assets are correctly dispersed, your decisions must be documented in a trust and/or will.
- Birth or adoption of children or grandchildren: One of the most imperative reasons to craft your estate plan is to protect the ones you love. In the event of your passing, you want to make sure your family will be well taken care of, especially your children. With an estate plan, you can assign a temporary guardian or a permanent guardian for your children.
- Divorce: After a divorce, you should immediately update beneficiary designations for all insurance policies and retirement accounts, any powers of attorney, and any existing health care proxy. It is also a good time to revamp your will and trust to make sure it does what you want.
- The death of a loved one: Your estate plan should be updated to account for your loss. This is particularly true if the person you lost was an heir or beneficiary of your trust. Perhaps the person you lost was your successor trustee, executor, or power of attorney. If so, your estate plan should be updated. Not updating your estate plan to account for your loved one’s death could result in some unintended consequences.
If you have one of the above changes happen in your life, it’s time to revisit your estate plan so that your current intentions will be carried out. While people tend to put this off, it’s important to have your estate plan reviewed right away. Hopefully, these documents won’t be needed for a long time, but knowing they’re in place can bring you great peace of mind.
Here at DAL Law Firm, we will sit down with you and answer any questions you may have and help you craft an estate plan that best fits your needs. Contact our office today at (206) 408-8158 for a consultation to discuss your estate planning options.
19803 1st Avenue S.
Normandy Park, WA 98148
T (206) 408-8158
F (206) 374-2810