Estate Planning Considerations: Major Life Events to Review

Setting up your estate plan is a great first step when it comes to securing your family’s future. But things change. People get remarried, babies are born, loved ones pass on. If you haven’t stayed on top of your estate plan, then you may be jeopardizing your family’s legacy. Keeping on top of all your documents and changing them whenever a major life event occurs is among the most important estate planning considerations you can make.

Estate Planning for Life

Estate planning is a lifelong process. Once you’ve established a will or a trust, filled out your healthcare forms, and assigned all your beneficiary designations, you’ve made a great start. But experts suggest reviewing your estate plan regularly, at the very least, every three to five years. They also highly recommend updating your estate planning information whenever you experience a major life event.

Here are some examples of major life events that might cause you to rethink your estate planning considerations:

• • • • Birth of a child or a grandchild. Welcoming a new member to the family is one of the most joyous and significant events that can happen to you. Naturally, you’ll want to look out for your child or grandchild’s future, so altering your will or setting up a trust for them is a highly advisable step after they are born.
      • Loss of a loved one. Losing a loved one is always an extremely difficult experience. Estate plan considerations may be far from your mind in the moment, but eventually they need to be attended to. If you named your loved one as a beneficiary or agent, you’ll have to consider who else to name in their place.
      • Divorce or remarriage. Whether your marriage has come to an end or is just beginning, chances are you’ll need to change your primary beneficiary. Removing your old spouse or adding your old spouse to your estate plan should be one of your first moves.
      • New financial assets. Your estate plan is all about your finances, so if you receive some substantial new assets, that inevitably changes your estate planning needs. Deciding what to do with these freshly acquired assets can be a difficult decision, but some options may include setting up a trust in order to set the assets aside and to avoid probate.
      • Moving to a new state. Most estate planning documents will transfer from one state to another without difficulty, but if you do move states, you’ll want to check the laws of your new home and make sure that you’re all up-to-date.
      • Change in preferences. Sometimes you simply want to change your beneficiaries. Maybe you had a falling out with a friend or have become close with someone new. You don’t need any reason to change your estate plan, but it’s important to review your estate planning information from time to time to make sure it’s in line with your current preferences.

Contact the Estate Planning Law Group of Georgia

If you have any questions about estate planning considerations or staying on top of all your financial and end-of-life documents, do not hesitate to reach out to the Estate Planning Law Group of Georgia. Our experienced attorneys are here to help you protect your family and secure your legacy. We specialize in estate planning for life!