How to Keep Your Estate Plan Up to Date

Have you already done the work of sitting down with an estate planning attorney in your area and pulling together these important documents? Congratulations, because you’ve done more than most people when it comes to their estate plan.

But the truth is that your work doesn’t stop here. Establishing the initial estate plan is only half of the process. Your estate plan should evolve over the course of your life much like other areas of financial planning.

Your wishes, beneficiaries and assets can all change over time so a regular review of your estate plan and updates around certain life events can be very beneficial. Life events in which it is worth looking at your existing strategy include:

  • The adoption or birth of a grandchild or child.
  • A change in circumstance for the named guardian of your minor children or the death of this person.
  • Divorce or marriage.
  • When a grandchild or child reaches the age of maturity.
  • State or federal tax law updates that impact your investments and taxation rate.
  • The passing away or sudden disability of a beneficiary.
  • If you experience a career change or start or close a business.
  • The purchase of a major asset, such as a home.

For more information about how estate planning can be used to help accomplish your goals, set aside time to meet with an estate planning law firm in your area. Our NH law office is here to guide you through the establishment of your estate plan, no matter what that looks like for you.

 

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