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When to consider revisiting your estate plan

On Behalf of | Mar 24, 2022 | Estate Planning

Creating a California estate plan is an important part of making sure that your wishes come to fruition and that your beneficiaries receive as much as possible from your estate after your death. An estate plan may also help you accomplish many other important objectives. However, many people create estate plans and then neglect to update them as their needs and situations change.

Per CNBC, a will is similar to a house in that both require maintenance to make sure they continue to meet your needs. While there are specific instances that might prompt you to revisit your will or other parts of your estate plan, it is a good rule of thumb to revisit yours anytime you experience a change to your personal circumstances. More specifically, you may want to revisit your estate plan when the following occurs.

You go through a divorce

Many people have their spouses play big roles in their estate plans. For example, you may have given your former partner power of attorney over your medical or financial affairs, or you may have left most of your assets and retirement and other accounts to your former spouse. After a split, you may have reason to update your beneficiary designations and other parts of your plan where possible.

When you move to a different state

There are also different laws and rules governing estate planning in each state. If you relocate to a different state, it is wise to take another look at your estate plan to see where you might need to make changes.

It may also serve you well to take another look at your estate plan when your health changes, state laws change or when you have your first child, among other possible circumstances.