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When should you review your estate plan?

On Behalf of | Apr 1, 2022 | Estate law |

If you are an adult residing in Connecticut, you should have an estate plan. Ideally, this plan will have a will or trust, power of attorney documents and anything else that you might need to adequately manage or settle your affairs. After creating such a plan, it is important to review it on a regular basis, and if necessary, it should be updated to reflect any changes that have occurred in your life.

Update your estate plan after a major family event

Ideally, you’ll review your estate plan after a birth or death in the family. Doing so can help to ensure that a new son or daughter is included in your will or that a deceased sibling isn’t listed as your estate executor. The same is true after you get married or put an end to your current marriage. After getting married, it may be necessary to add your spouse as a beneficiary to a 401(k) or other accounts. After a divorce, you will likely want to remove your former spouse as a beneficiary to any assets that you may have.

Update your estate plan when you acquire a new asset

If you receive an inheritance, it may be a good estate planning decision to put the money into a trust to ensure that you can’t lose it to creditors or as part of a divorce. You may also want to do the same thing if you buy a home, get a car or acquire an expensive art collection. Alternatively, you can add them to your will to ensure that your beneficiary receives them in a timely manner.

Spending time reviewing and updating your estate plan may make it easier for your loved ones to settle your estate after your passing. It may also make it possible to ensure that your bills are paid, children are cared for and that other essential tasks are completed if you become incapacitated for any reason.