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When is it time to consider revising your estate plan?

On Behalf of | Jul 1, 2021 | Estate Planning and Probate |

Many adults in Washington and around the country understand the importance of planning their respective estates. Unfortunately, some people think that this is something you only need to do once. However, it’s a good idea to consider updating your estate plan after certain life events take place. Here’s more information about when it could be time to think about doing so.

Having children

One of the finest events in life is welcoming a baby into your family. With that said, this event also means you will need to consider updating your estate plan. Understandably, you want to ensure that your child has everything they need in life. By adding children as beneficiaries, you can make sure they receive what you leave behind.

Getting married or divorced

As time goes on, the status of a relationship can change. Considering that, you might be getting ready to either get married or divorced. If either of these situations is happening, it’s wise to think about adding your new spouse as a beneficiary or removing your ex-spouse from participating in the distribution of your estate.

Updating your beneficiaries

Another essential aspect of estate planning involves designating beneficiaries. When making these decisions, it’s important to ensure that you check your plan documents. By doing this, you can make sure that no unwanted beneficiaries receive anything you don’t want them to have.

In conclusion, there are several times when revising your estate plan is a good idea. With that said, trying to update an estate plan by yourself can get complicated. If you need assistance or would like more information, consider meeting with an experienced attorney.