Update Your Estate Plan After Major Life Events

Estate Planning is the process of creating legally enforceable documents that determine how your assets will be distributed upon the event of your death. Your estate plan, just as it sounds, refers to your personal plan for your estate, including who inherits what, which assets and how those assets will be distributed to your beneficiaries or heirs.

There may be many reasons why a person should update their estate plan, but generally, you should look to update your estate plan after a major life event, such as getting married, getting divorced, or after having a baby. Keeping your estate plan up to date allows you to best ensure that your wishes for your estate are followed and that your legacy is protected. Read on to learn about some of the common reasons or major life events after which someone may need to update their estate plan.

1. Marriage: Starting a life with your spouse brings with it many life-altering changes. But during this exciting time of wedding planning, honeymoon booking and even preparing for the eventual arrival of children, it’s vital that you don’t forget to keep your estate plan up to date. Doing so allows you to name your new spouse as an emergency contact or beneficiary for existing insurance benefits, and to ensure that he or she is taken care of in the event of your death.
2. Divorce: Splitting up a marriage can be messy and costly. Updating your estate plan following the dissolution of a marriage is vital to ensure that your assets are split as per your wishes. Many people take their ex completely out of the equation, while some prefer to leave them something in their will. No matter what your decision may be, it is incredibly important to get your wishes on paper as soon as possible.