ARTICLE: 7 Life Events That Necessitate an Estate Plan Update

7 Life Events That Necessitate an Estate Plan Update

Updating your estate plan is necessary during significant life events to ensure that your wishes are accurately reflected, and your loved ones are protected. Life is full of changes, and as your circumstances evolve, so should your estate plan. Here are seven life events that may trigger an update to your estate plan:

  1. Marriage or Divorce

Getting married or divorced significantly changes your financial and personal situation. Updating your estate plan can ensure that your spouse is included or excluded according to your current wishes.

  1. Birth or Adoption of a Child

Adding a new member to your family, whether through birth or adoption, requires updating your estate plan to include provisions for their care and inheritance.

  1. Death of a Beneficiary or Executor

If a beneficiary or the person you’ve appointed as executor passes away, you’ll need to revise your estate plan to name new individuals to those roles.

  1. Significant Change in Financial Situation

A substantial increase or decrease in your assets, such as receiving an inheritance, selling a business, or experiencing financial losses, should prompt a review and update of your estate plan.

  1. Relocation to Another State or Country

Moving to a different state or country can affect your estate plan due to varying laws and regulations. It’s important to ensure your plan complies with the laws in your new location.

  1. Changes in Tax Laws

Changes in federal, state, or local tax laws can impact your estate plan. Keeping it updated can help you take advantage of new benefits or address new obligations.

  1. Retirement

Retiring from your job changes your income and financial situation. Updating your estate plan can ensure your retirement accounts and other beneficiary driven assets are distributed according to your wishes.

Each of these events can greatly impact your estate plan. For expert guidance in keeping your plan current and effective, trust Roth Elder Law, PLLC. Call our office at 607-962-6162 or fill out our intake form, and we will arrange a consultation to discuss your needs.

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We at Roth Elder Law, PLLC, believe in providing services in a way that clients can easily understand and meaningfully participate in designing and maintaining their estate plan for their loved ones, as well as be assured that their plan will be administered according to their wishes.