Most people understand the importance of investing time in their estate planning. However, putting together a will often isn’t a one-time event. Throughout your life, you’re going to experience changes that warrant adjustments to your plans. The following guide outlines a few major events that require estate planning revisions.

When to Revisit Estate Planning

1. Changes to Your Marital Status

Most people begin estate planning when they get married. This allows them to list their spouse as their power of attorney, the primary beneficiary for their assets, and the recipient of any life insurance payouts.

However, if you get divorced, you should go back to your estate planning attorney for adjustments. You’ll likely want to give the power of attorney to a different party and adjust your assets once you’ve split up any shared accounts and properties. 

2. Having Children

Once you have kids, you’ll need to include them in your will and adjust your desired asset distribution. You’ll also need to incorporate guardianship into your estate planning. This will ensure that, if you and your spouse pass unexpectedly, your child will have a reliable adult to care for them. 

3. Financial Changes

If you gain significant assets, your will should reflect these changes. This may include receiving an inheritance, purchasing a new piece of land, buying a new car, or getting a new piece of art or jewelry. These kinds of desirable belongings will need to be included in how you want your assets distributed once you pass away.

If you need help with the estate planning process, enlist the services of Stuart R. Norman Jr. in Griswold, CT. For over 40 years, this skilled attorney has provided residents throughout New London County with top-quality guidance and counsel in a variety of family law cases. Visit his website to learn more about his practice, and call (860) 376-0069 to schedule a consultation today.