Making an estate plan is one of the most important tasks to accomplish as an adult. Yet, it is not something to make and forget about for the rest of your life. Rather, it is something you should revisit regularly to ensure it reflects your current circumstances and wishes.
Checking over your estate plan every year or two is a good place to start. However, it is also best to adjust it when certain significant life events occur. For example,
You marry or divorce
When you marry you join your estate with that of your spouse’s to some degree at least. When you divorce you will need to separate it.
You give birth or adopt a child
Once you become a parent it is important to think about what would happen if you were to die. You should name a guardian who can take legal charge of your child should you pass before they reach 18. You probably also want to ensure that some of your estate will pass into the hands of your child when the time is appropriate.
One of your beneficiaries dies
You spent a long time deciding how to split your estate between your three children. Then, one of them dies before their time. Once you are past the grief that this will cause you should start thinking about how to redistribute their share. Perhaps you want to split it equally between your two surviving children. Perhaps you want to donate their part of your estate to a charity fighting to find a cure for the disease that killed them. Or maybe you want to rethink your plan entirely.
There are various estate planning options to consider for all situations. Getting assistance to explore them and implement the options you choose is wise.