Caregivers, entrusted with lives beyond their own, should ideally join the 40 percent of Americans who have crafted a will or other estate-planning document. Yet, even the most meticulously prepared estate plan requires periodic review to ensure alignment with life’s twists and turns.
Here are five critical life events necessitating a review of your estate plan:
1) Birth or adoption: Welcoming a new child requires updating your will to designate guardianship. Consider establishing trusts for children or grandchildren to manage assets effectively.
2) Marital status change: Whether marrying, divorcing, or remarrying, ensure your estate plan reflects your current wishes including beneficiary designations for IRAs and life-insurance policies.
3) Financial change: Significant financial changes, like inheritances or asset acquisitions, warrant revisiting your estate plan. Aging and retirement may also necessitate adjustments.
4) Illness or disability: Family members’ health challenges may prompt establishing trusts or powers of attorney for financial and healthcare decisions.
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