10 events that should prompt a review of your estate plan

Having a solid estate plan in place can give people peace of mind and confidence in knowing that they have taken the necessary steps to establish and protect their wishes.

However, making sure your estate plan continues to protect your wishes over time is also critical. You can do this by periodically updating and revising your estate plan. Below, we list 10 events that may warrant a review of your estate plan and possible revisions.

1. You get divorced

2. You get married

3. You have a child (or your child has a child)

4. You buy or sell property

5. You start (or leave) a business

6. You come into (or lose) a lot of money

7. There have been changes to relevant state laws

8. You move to a new state

9. A loved one included in the plan has passed away

10. It has been several years since you created it

These events can dramatically affect your wishes, your beneficiaries and the assets or value in your estate.

Even if you ultimately decide not to make changes, it can still be important to at least review your plan after these events to make sure it still fits your needs and aligns with your wishes.

It is also worth noting that an outdated will could be the basis for a legal challenge by loved ones if it does not reflect current circumstances.

With all this in mind, we urge you to think about the last time you looked at your estate plan. If several years have passed, if you have experienced the above-mentioned events, or if your wishes have changed since you created it, it can be important that you review your plan carefully. Should you have questions or wish to make changes, you can work with your attorney to make sure your estate plan continues to meet your needs and protect your wishes.