It is common practice to revisit an estate plan every three to five years, but it is very important to do so when a life change happens. There are certain life changes that warrant another look at an estate plan.

Here is a list of some of the most common to be aware of below:

  • Birth of a child: The birth of a child is a wonderful time, but it is important not to forget to update one’s estate plan. Updating an estate plan when adding a member to the family is absolutely vital not only for inheritance reasons, but also guardianship decisions.
  • Getting married: When a couple gets married, it is important to ensure one’s estate plan is updated. Updating beneficiary information and assets does not have to be overly complicated, and it will help immensely if this is handled early rather than later in the marriage.
  • Getting divorced: Similar to getting married, a divorce can significantly affect one’s estate plan. With all that goes on during a divorce, it can be easy to forget to update an estate plan once the divorce is finalized, but it is an important piece.
  • Buying or refinancing a home: Ensure assets and property are properly listed and titled as these things change can help avoid a headache later. It is significantly easier to handle these big life changes as they come than it is to remember back and recall all that has happened.
  • Death of a loved one: While it is not something any of us want to think about, especially when mourning the death of a loved one, updating an estate plan should not be forgotten or avoided when a loved one passes away. Whether the person who passed is the beneficiary, an emergency contact, or has been named a legal guardian of dependents, removing this person from the estate plan can help avoid costly consequences in the future.

Need to revisit – or create – your estate plan? We are here and happy to help! Contact us at Thornton Law Firm today for a consultation.