Life’s Twists and Turns: Time to Refresh Your Estate Plan
Life’s Twists and Turns: Time to Refresh Your Estate Plan
Life is full of surprises, and these twists and turns often signal the need for an estate plan refresh. Major life events—like marriage, divorce, or the loss of a loved one—can have a significant impact on your financial landscape. Here’s a breakdown of when to revisit your estate planning documents and why it’s crucial.
Updating Your Estate Plan After Marriage
Congratulations on your new marriage! This joyous occasion is the perfect time to review and update your estate plan. Marriage can dramatically alter your financial situation, so consider the following steps:
Refresh Your Will or Trust: Ensure that your spouse is included in your will or trust, and clearly outline your wishes regarding assets.
Revisit Beneficiary Designations: Check and update the beneficiaries on your retirement accounts and life insurance policies to reflect your new marital status.
Divorce and Estate Planning
Navigating a divorce can be challenging, but it’s essential to update your legal documents during this time. Here’s what to consider:
New Will and Trust: Create a new will and trust to reflect your current wishes and remove your ex-spouse from any roles.
Update Beneficiary Designations: Ensure that your beneficiary designations on accounts and policies are current, reflecting your new situation.
Revise Healthcare Proxy and Power of Attorney: Don’t forget to remove your ex-spouse from your healthcare proxy and financial power of attorney.
Revisiting Your Estate Plan After a Loss
The loss of a loved one is a poignant reminder to evaluate your own estate plan. Here’s how to approach it:
Consider Inherited Assets: If you’re inheriting assets, this could have tax implications or necessitate changes in your existing estate plan.
Update Legal Documents: If your loved one was part of your estate planning documents, such as being a beneficiary or executor, ensure you revise these accordingly.
Take Action Today!
Don’t wait for a major life event to prompt a review of your estate plan. Contact Harp Law today to schedule an estate planning consultation and ensure your documents reflect your current wishes.
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Ready to get your affairs in order? e make the process simple and convenient! Start by booking a free 15-minute Estate Plan Chat. We’ll discuss your general goals, and see if we might be a good fit to work together.
Not ready for a chat but still want to learn more? Click here to download our free Estate Planning Checklist.