When you should update your estate plan

Even if you had the foresight to make your estate plan at a young age, many life events call for you to make changes to your plan. Life is a constantly changing thing, and adapting to those changes is the best way to prepare for tomorrow.

It is no secret how important proper estate planning is. It would be dangerous to assume that plans someone made 30 years ago would still be accurate today. Here are some common life events that call for updates to estate plans:

Beneficiary changes

There is little accounting for the lives of anyone you may choose as a beneficiary. From having another child, marriage or divorce, the loss of a loved one, or even a change of opinion, these are all good reasons to update your estate plan.

Major changes to your assets

Whether you encounter a major windfall or a substantial decrease in your income or assets, an estate plan needs to reflect these changes. The flat amount someone gives someone in their will may not accurately reflect the new status of their estate.

Changes to tax laws

While you may have established a thorough estate plan, it may not agree with constantly changing tax laws. It is a good idea to check in with an estate planning attorney now and again to confirm that the current and coming tax laws do not change your plans at all.

Keep an eye on your estate plan

There is no telling what tomorrow may bring, which is why it is important to be as prepared for tomorrow as possible. Take some time today to review the details of your estate plan and decide if you need to update your choices.