If you have an estate plan in place, you have taken a significant step toward providing security for yourself and your loved ones. If many years have passed since you established your will, trusts and other documents, it may be time to revisit your plan. Changing circumstances could mean your plan no longer provides the security you think it does.
Have you been divorced or remarried?
A change in your marital status is one of the main reasons you may need to revise your estate plan. This is especially true if you have children from more than one marriage. Without taking a second look at the plans you have in place, you could inadvertently leave a loved one out, or give more than you intend to someone else.
Has your financial situation changed?
Whether positive or negative, a significant change in your financial circumstances may warrant a change to your estate plan. This also applies if any of your beneficiaries’ situations have changed. For instance, if a child has suffered financial misfortune, it may not be wise to put the family home in his or her name.
Have personal relationships changed?
The person or persons you trusted to make important decisions on your behalf years ago may no longer be appropriate. In naming a power of attorney, for instance, you want someone who can be trusted to advocate on your behalf. If you have fallen out of touch with a friend or family member you entrusted with this duty, another person may now be a more appropriate choice.
By revisiting your estate plan today, you can gain the peace of mind that your legal plans reflect the current reality, not the circumstances that were in place when you first created those documents.