An estate plan gives you the power to decide who receives your assets after you’re gone and provides those you trust with the legal authority to act on your behalf. However, every life goes through changes along the way, and these documents are only effective if they reflect your current assets, priorities, and personal wishes. To minimize the potential for conflict and unintended consequences, review your plan under the following circumstances.

5 Situations That Call for an Estate Planning Review

1. Moving to Another State

Laws governing wills and inheritances vary widely from one jurisdiction to the next, which may cause unnecessary complications if your estate plan was prepared in another state. Any time you move across state lines, the safest approach is to void your existing documents and draw up new documents in accordance with the laws of your new home.

2. Marriage

Marriage is a legal union that gives each spouse automatic inheritance rights that may supersede the provisions in your will. If you pass away without updating your estate plan, your spouse may receive the entirety of your assets or be forced to share them with your other family members, either of which may not match your wishes. Writing a will ensures your decisions are respected and your family is cared for as you intended.

3. The Birth of a Child

Having a child impacts every aspect of your life, including your estate plan. In addition to bequeathing your new child a share of your assets, you should also nominate a guardian to care for them if something were to happen to you and the other parent. 

4. Acquire Significant Assets

If you’ve experienced a sudden increase in income, inherited a significant sum of money, or purchased valuable items, be sure those resources are included in your will. Otherwise, those assets may go to family members you barely know or trigger expensive legal challenges that can consume a significant portion of your estate.

​​​​​​​5. Reaching Retirement Age

IRAs, 401(k) plans, and some other investment vehicles require you to start taking mandatory distributions at age 70 ½. Who you choose to receive your retirement assets can have serious tax implications, so it’s important to review and verify your beneficiary designations before you start making mandatory withdrawals.

If you want help making sure your estate is divided exactly as you wish, the legal team at J.P. Coleman Law, LLC, Attorneys at Law is here to help. The firm provides effective legal advice to clients in and around Robertsdale, AL, and with their extensive estate planning experience and dedication to their clients, you can rely on their attorneys to eliminate uncertainty and ensure your final wishes are respected. Visit their website for an overview of their services or call (251) 947-6247 to schedule a consultation.