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Major Life Changes That You Need to Incorporate into Your Estate Plan

February 6, 2017

Filed under: Estate Planning — Neel Shah @ 9:15 am

Anytime that a major life change happens, it’s a good opportunity to schedule a meeting with your current estate planning attorney. If you don’t have an estate plan yet, you may need to establish a relationship with someone now so that you can build the trust with this individual to keep your materials updated as you go along.

There are many different situations that could prompt an update in your estate planning materials. This includes not just meeting with your attorney to update your estate planning documents, but also contacting any companies for which you may have beneficiaries listed on the accounts; including your IRA, your bank accounts and your life insurance policies. Some of the most common situations prompting a call to your estate planning attorney for an update include:

  •       Selling an investment property.
  •       Selling a primary residence.
  •       A new child.
  •       Marriage or divorce.
  •       Changes in your health status.
  •       A new job.
  •       Having to care for a special needs child.
  •       Entering retirement.
  •       Decisions to give to charity.

Any of these events could make a great opportunity to update your contingent or primary beneficiaries, add an amendment to your trust or to make adjustments to your will. An experienced estate planning attorney is strongly recommended to ensure that your estate plan is in line with all state and federal laws as well as carrying out your individual wishes.

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