You might breathe a sigh of relief once you create your initial estate plan. It’s a big accomplishment that deserves recognition, but you also need to realize that estate planning is an ongoing endeavor. As life changes, so should your estate plan.
If you don’t modify your estate plan when needed, then you could be at risk of having your assets inherited by those you don’t trust or that, for whatever reason, you simply don’t want to have control of your assets.
There are several instances that justify taking another look at your estate plan. Here are some that should trigger you to revisit yours:
- Familial marriages
- Divorces
- Births
- The acquisition of a new asset
- Changed relational dynamics
- Remarriage
- Changes to your health
- Changes to your financial positioning
- The creation of a business
- Your vision for your estate and your loved ones’ futures changes
When any of these life events occur, you should look at all of your estate planning documents to ensure they suit your needs. If they don’t, then you may need to modify them, nullify them, or create other estate planning vehicles. Remember, you can customize your estate plan, so don’t shy away from making the changes that you feel are necessary.
Know your estate planning options
Don’t make the mistake of thinking that there’s nothing else you can do with your estate plan when needs change. There are many estate planning vehicles that you can use, but you won’t be able to utilize them if you’re unaware of them.
That’s why it’s a good idea to educate yourself on estate planning as much as possible. So, seek out the answers to any questions you might have and find the guidance you need to successfully navigate your estate planning challenges.