Photo of Kenneth L. Gibson Jr.
Photo of Kenneth L. Gibson Jr.
Photo of Kenneth L. Gibson Jr.

When to revise your estate plan

On Behalf of | Nov 29, 2023 | blog, Estate Planning | 0 comments

Your life is a journey filled with many twists and turns. Keeping up with changes requires handling them both in the moment and with an eye toward how they impact your legacy.

While you drafted your initial estate plan based on your assets and relationships at the time, it is important to update your arrangements whenever aspects of your life significantly change.

Marriage or divorce

Although both marriage and divorce rates in the U.S. are on the decline, these relationship milestones are common in many people’s lives. It is imperative to revise your estate plan as soon as you marry, whether you intend for your spouse to receive all of your assets upon your death or have other plans. Conversely, in the unfortunate event of a divorce, be sure your plans reflect your new circumstances.

Birth of children

The arrival of new family members is a momentous occasion, and providing for their financial security and safeguarding their future becomes a top priority. When children come into your life, you will need to address guardianship as well as asset allocation issues.

Death of a spouse or beneficiary

Grieving the loss of a loved one is a challenging experience, but one that also requires addressing practicalities. Updating your will ensures that your wishes align with your current circumstances and prevent unintended consequences.

Acquisition of significant assets

Whether it is a sudden windfall or a planned purchase, be sure to address new assets in your estate plan. From buying a home to starting a business to harvesting big investment gains, codify how to distribute these assets among your beneficiaries as soon as the acquisition is complete.

Updating your estate plan following any life change ensures compliance with your intentions and simplifies the probate process for your heirs.


FindLaw Network
Photo of Kenneth L. Gibson Jr.