When Is It Critical to Review Your Estate Plan, and Why

By Ryan Crandall, J.D., Crandall Law Group



Just like other important life tasks, your estate plan deserves your time and attention. The occurrence of special life events may mean it is time to pick up the phone and call your estate planning attorney.


Marriage

Have you recently gotten married? Congratulations! Marriage means new ways of sharing and managing finances and assets. As a result, this is a critical time to revisit your estate plan. With this life change, you’ll need to contact your attorney to make any changes to your beneficiary designations, update your will or trust, and update your powers of attorney. This is especially important if this is a second marriage or there are children from a previous relationship involved.


New Job

A new job presents an exciting new set of challenges and opportunities to explore. You may be receiving new benefits that require new beneficiary designations on your estate plan. When you are filling out these new forms, it is essential that the beneficiaries are named appropriately so your estate plan will work as designed.


Loss of a Job

Similarly, leaving employment brings big changes to your financial situation and to your estate plan. It’s important to update your plan to reflect the loss of employer-provided benefits such as life insurance, as well as the change in financial status.


Retirement

Retirement brings lifestyle changes, more time for loved ones and important financial developments. With this newfound freedom, you may find yourself traveling more, making documents such as a Financial Power of Attorney and Health Care Power of Attorney more crucial.


Moved

If you have moved across state lines, you’ll need to make sure that the provisions in your estate planning document are still applicable in your new state. A new home is a new asset, and it is important that this asset is titled appropriately to carry out your overall estate plan.


Divorce

Divorce is, of course, a difficult time. You should make any needed updates to the beneficiaries on your estate plan and ensure your beneficiary designations on any life insurance or retirement accounts are changed so that your ex-spouse does not end up with your assets.


Death

There’s much to take care of after the loss of a loved one. You may need to remove the deceased loved one as a beneficiary from any will, trust, life insurance policy or retirement account and determine what will now happen to that share.


Received Inheritance

The death of a loved one not only brings a loss but may result in an inheritance. An inheritance can mean property, money, real estate and more.


Birth or Adoption

Due to the new arrival’s young age, it is important to consider how you would like to provide for the physical and financial well-being of your children if something were to happen to you.


It is imperative to keep your plan up to date with these major life events to make sure your wishes are carried out. Crandall Law Group is here to help guide you through these changes.

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