Estate planning is something that’s commonly associated with elderly individuals. Nonetheless, estate planning can benefit anyone who is over the age of 18.
That being said, an estate plan is only useful if it is completely up to date. Outdated estate plans may not reflect your true wishes and your loved ones could be left out.
When should you update your estate plan?
When your finances have changed
People tend to go through different stages of careers. Perhaps you have had a promotion since you last looked at your estate plan. As a result, you have more assets and they are not yet accounted for. Or, maybe you bought a new home that has not yet been included in your will.
In any case, significant changes in your financial circumstances present one good reason to update your estate plan.
Changes in your family circumstances
If you’ve recently settled down with a long-term partner or have become married, then you may want to revise your estate plan to include your significant other. If, on the other hand, you have separated from your long-term partner you may wish to update your estate plan to redistribute the assets that they would have inherited to your children, friends or other family members.
If you have recently had children, you’ll also want to address this in your estate plan. Not only can you leave your children an inheritance, but you can nominate legal guardians to look after them should something happen to you.
These are just some of the key reasons to update your estate plan. Ideally, the plan should be addressed at least once every year or two. Whether you’re drafting an estate plan from scratch or making changes, it will benefit you to have legal guidance on your side.