Many people make the mistake of thinking that estate planning is a one-time process. In reality, the only way to ensure your wishes are properly represented at the time of your death or incapacitation is to keep your plan regularly updated. As you go through various life events and milestones, your documents will likely no longer serve their original purpose. In turn, you should meet with your estate lawyer to discuss revisions any time the following situations arise.

When Should You Consider Adjusting Your Estate Plan?

1. Marriage or Divorce

Your marital status will have a direct impact on your estate plan. If you’ve recently walked down the aisle, you may want to include your new spouse as a beneficiary or designate them as the executor of your will. On the other hand, if you’ve gotten divorced, there’s a good chance you’ll want to remove them as a beneficiary or executor to prevent them from having any control over your assets or affairs. 

2. Change in Beneficiaries 

There are many reasons why your beneficiaries may change over the years. For example, when a new child or grandchild enters the family, parents and grandparents typically want to amend their plan to ensure they’re provided for. You might also need to remove an estranged family member or a beneficiary who has passed away before you. An estate lawyer can help ensure this is done correctly to avoid assets ending up in the wrong hands.

3. A Move to a New State 

Every state has different laws regarding asset distribution and estate taxes. As such, if you’ve moved to a new state, you should consult a local estate lawyer to see if your goals are still being met. Often, it’s necessary to develop another estate planning strategy to minimize tax implications and make sure assets can be transferred smoothly. Additionally, it’s possible your original documents will no longer be considered valid in your new state. 

4. Increase in Assets

A big part of estate planning involves evaluating assets to determine how they should be distributed upon your death. If there’s a significant increase in your assets, such as a new house, stock investment, or retirement account, your plan will need to be modified to include instructions as to how they should be handled.

If you need help creating or updating an estate plan, reach out to Knochel Law Offices, P.C. Based in Bullhead City, AZ, they’ve been providing families throughout the area with sound legal advice since 1987. Using their extensive knowledge in this area of law, they’ll guide you through the complexities of estate planning to ensure your final wishes are clearly and accurately defined. Call (928) 444-1000 to schedule a consultation with these estate lawyers, or visit them online to learn more about their services.