Although you may have started estate planning, essential documents must be revisited over time to ensure they still reflect your wishes. That’s why the attorneys at Goicoechea, DiGrazia, Coyle, & Stanton recommend reviewing your estate plan in accordance with major life events.

Here, these Elko, NV, lawyers list five occasions that warrant a second look.

You’re Newly Married or Divorced

After changes in marital status, complete a thorough review of your estate planning documents. For example, failure to change beneficiaries could leave your new spouse high and dry while your previous spouse receives their original benefits. 

A Beneficiary Has Died

If one of the beneficiaries named in your estate plan is deceased, you need to make an update. You can either distribute your assets among the remaining beneficiaries or designate a new recipient.

Your Assets Have Increased

Should you receive an influx of new assets, it’s vital to review your existing estate planning documents. In this case, you need to decide whether your assets would be better served by a trust or will, each of which offers its own distinct set of benefits.

You’ve Opened a New Business

You also need to determine how you would like your company managed once you are deceased. Through a succession plan, you can choose an individual to take over business matters after you’re gone.

Your Estate Plan Was Created Many Years Ago

Even if none of the above apply, you should still revisit your estate plans every few years. Your wants and desires may have changed drastically since the initial creation, and continual review is the only way to ensure the document matches your current outlook.

For estate planning advice you can trust, turn to the attorneys at Goicoechea, DiGrazia, Coyle, & Stanton. Schedule a consultation today by calling (775) 738-8091 and get answers to your legal questions. Learn more about their practice areas by visiting them online.