One of the most common mistakes people make in estate planning is neglecting to review and update their documents once they’ve been created. Even a well-crafted estate plan can end up being irrelevant if it doesn’t accurately reflect your wishes at the time of your death. To ensure that your estate plan reflects your needs and wishes, you need to change your plan over time as you experience different life events and milestones. Here are four reasons to reevaluate your plan. 

When to Update Your Estate Plan 

1. Marriage or Divorce

Changing your marital status has a big impact on what happens to your estate after you pass away. If you get married, you may want to add your new spouse as a beneficiary and grant them power of attorney in the event of incapacitation. If you go through a divorce, you’ll likely want to remove your ex-spouse from your will and trust and revoke any power you gave them to make medical and financial decisions on your behalf. 

2. Birth of a Child 

Welcoming an addition to the family is one of the most important reasons to update your estate plan. Both parents and grandparents may consider leaving the child an inheritance. Additionally, it’s essential to appoint a guardian in your will. This lets you remain in control over who raises your children if you pass away before they become adults. If guardianship hasn’t been addressed in your estate planning arrangements, the court will decide who should take care of your children. 

3. Moving to a New State 

Every state has its own unique estate planning laws. Some of the differences may be small, but others can dramatically affect how your current plan is interpreted. Before you move, it’s a good idea to consult your estate planning attorney and make the necessary changes to ensure your wishes are honored in your new location.  

4. Increase in Assets 

If your estate’s value has substantially increased since your plan was first created, your new assets will need to be accounted for. You’ll want to ensure you’ve left instructions on how to divide this property and implemented the right strategies to minimize estate taxes. This is applicable if you buy a house, start a business, add investments, or collect on a sizable inheritance. 

Being proactive in your estate planning helps ensure your loved ones will be protected after you’re gone. Whether you need guidance putting an estate plan together or revising your current documents, rely on Upstate Legal Center of John V. Shepard in Rochester, NY. This practice will explain all your options and help you create a comprehensive estate plan that meets your goals. For more than 30 years, the practice has been entrusted to help residents throughout Monroe County get their affairs in order. Call (585) 429-5422 to arrange a consultation, or visit them online for more information on the different legal services they offer.