Life is full of big changes—some exciting, some unexpected—but they all have the potential to impact your estate plan. Major life events, from marriage to financial shifts, can alter your wishes, legal responsibilities, and asset distribution. If you don’t review and update your estate documents accordingly, state laws or outdated instructions may determine what happens to your assets. Here are key life events that signal it's time to review your estate plan.

Becoming a Parent

Welcoming a child into the family is a joyous occasion, but it also comes with the responsibility of ensuring your children are financially protected. Your estate plan should include clear guardianship designations to ensure your children are cared for by the people you trust most in case of an emergency.

Moving to a New State

Estate planning laws vary significantly by state, so if you relocate, it's crucial to update your will, trust, or other documents to reflect the new state’s laws. This will ensure your estate is managed in accordance with your current wishes.

Death of a Beneficiary or Executor

If someone named in your estate plan passes away, it’s essential to update your designations to ensure that your wishes are still carried out as intended. The absence of a key individual can lead to complications unless addressed promptly.

Getting Married or Divorced

Marriage changes your legal and financial circumstances, which may affect how your assets are distributed. Conversely, in the event of a divorce, it's critical to make immediate updates to prevent unintended beneficiaries, like an ex-spouse, from inheriting assets.

A Significant Change in Assets

Receiving an inheritance, starting a business, or experiencing financial hardship requires you to revisit your estate planning goals. Adjust your plan to accommodate new assets or alterations in your financial strategy to reflect your current circumstances.

These events are not exhaustive, but they offer concrete examples of when to review your estate plan. It’s advisable to revisit your estate documents every three to five years or after any major life change. Seeking professional estate planning guidance can help you navigate these changes smoothly. Consulting with an estate planning attorney ensures that your plan remains aligned with your personal and financial goals.