Discover when you might need to change your will or estate plan.
No matter what stage of life you're in, new opportunities and challenges always arise. And big life changes mean re-evaluating your goals, including reviewing your will and estate plan. Some of these include:
- Change in Assets: If you have a significant increase or decrease in your assets, or if you've cashed in or transferred an asset, you may need to reassess your will and estate plan.
- Change of Employment: Your will may need to be re-evaluated if you have a change in income as a result of a job change, a move to another state, or retirement.
- Change in Marital Status: Whether it be a marriage or a divorce, you will probably want to review and possibly edit your will and estate plan in some capacity. This also can be a time when you change beneficiaries.
- Births: With the birth of a child, your will and estate plan should reflect how your child will be taken care of if something were to happen to you and your spouse.
- Death of a Family Member: This could result in a new beneficiary and/or guardian of your nonadult children.
- Changes in State or Federal Laws: Laws can change over time and vary from state to state. Keep up with laws in your state to ensure legitimacy and effectiveness of your legal documents.
Regardless of specific life events, review your will and estate plan every five years (more frequently if these or other major changes occur). Learn more about the importance of a legacy review of your estate plan.
