Life is full of big changes—some exciting, some unexpected—but they all have the potential to impact your estate plan. Major life events, from marriage to financial shifts, can alter your wishes, legal responsibilities, and asset distribution. If you don't review and update your estate documents accordingly, state laws or outdated instructions may determine what happens to your assets. Here are some crucial times to review your estate plans:

Becoming a Parent

Adding a new member to the family is a joyous occasion, but it also brings with it new responsibilities. It’s important to ensure your children are financially protected and that guardianship designations are clear in case of an emergency. For instance, naming a trusted guardian in your will can save your loved ones from difficult legal battles should the unexpected happen.

Moving to a New State

When you relocate, remember that estate planning laws differ from state to state. This move may require updates to your will, trust, or other related documents. For example, some states have specific probate laws or rules regarding power of attorney documents that may differ from your previous home state.

A Significant Change in Assets

Whether you receive an inheritance, start a business, or face financial changes, these shifts can influence your estate planning goals. Adjusting your estate plan to match your current financial situation ensures that your assets are distributed according to your wishes. Periodic reviews, such as annually or after major financial transactions, can help you stay on top of these changes.

Getting Married or Divorced

Marriage changes both your legal and financial circumstances, potentially impacting how your assets are distributed. On the other hand, divorce requires immediate updates to your estate plan to prevent unintended beneficiaries from inheriting your assets. Failure to make these adjustments could result in legal challenges or undesired outcomes.

Death of a Beneficiary or Executor

If someone named in your estate plan passes away, it’s crucial to update your designations. This ensures that your wishes are still carried out as intended. Replace the deceased individual with another trusted person to manage or benefit from your estate.

Seeking professional estate planning guidance can help you navigate these changes smoothly. Regularly reviewing your estate plan, ideally every few years or after any significant life change, is advisable. Consult with an estate planning attorney if you have questions or wish to discuss your situation further. Keeping your estate plan current is a proactive way to secure your legacy and safeguard your loved ones' futures.