10 Life Events That Signal It’s Time to Review Your Estate Plan – Part 1

Ensure your family’s protection by keeping your estate plan current. Discover 10 life events that may necessitate an update to your will or trust, and learn how to avoid potential complications in the future.

Have you ever wondered if creating a Will or Trust provides perpetual protection for your family and assets? Many people assume so, as it’s a common approach among lawyers. However, overlooking necessary updates can leave your loved ones with significant challenges when the unexpected occurs. This article highlights ten life events that can impact your estate plan and offers insights on how to ensure it remains current throughout your life.

Changes in Your Assets or Liabilities:

Life is full of financial changes. When you acquire new assets, sell property, or accumulate debt, it’s essential to review your estate plan. Updating asset distribution, beneficiary designations, and financial provisions ensures your loved ones receive what you intended when you’re no longer there. Keeping an updated asset inventory is crucial to safeguarding your family’s future.

Buying, Selling, or Starting a Business:

If you own a business, your estate plan becomes more complex. Recent changes in business ownership should prompt an update to your plan. This ensures your business follows your wishes upon your passing and safeguards assets for your loved ones.

Welcoming a New Child:

The arrival of a new child is a joyful moment but also a time to update your estate plan. Name guardians for your child, create a Kids Protection Plan, and establish financial security through Trusts. Clearly document your desires for your child’s upbringing to provide guidance to their legal guardians.

Children Reaching the Age of Majority:

As your children grow up, consider how they will receive their inheritance and who will make healthcare decisions for them if needed. Utilizing a Lifetime Asset Protection Trust can protect your child’s inheritance from potential future challenges.

The Loss of a Loved One:

The passing of a family member can profoundly affect your estate plan. Update your documents to ensure assets are distributed correctly, and designate new individuals to fulfill roles previously assigned to the deceased.

Your estate plan should evolve with the changes in your life to provide the best protection for your family and finances. As your Personal Family Lawyer®, we are committed to keeping your plan up-to-date and effective, providing you with peace of mind during challenging times. If you’ve experienced significant life events recently or haven’t reviewed your estate plan in a while, now is the perfect time to do so. Schedule a free 15-minute discovery call to learn more about our comprehensive Family Wealth Planning Session process, designed to cater to your family’s dynamics and goals. Plan early, and secure your family’s future today.

Schedule a Free 15-Minute Discovery Call: Start securing your family’s future with our Family Wealth Planning Session. Learn how to navigate life’s changes and create a comprehensive estate plan that brings you peace of mind. Don’t miss our next article, where we’ll discuss five more life events that signal it’s time to review your plan.

This article is a service of Law Office of Dana Baker, Personal Family Lawyer®. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices with your business throughout life and in the event of your death. We also offer a LIFT Business Breakthrough Session™, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule.