- Too Much Time has Passed
When was the last time you reviewed and updated your estate plan? If you don’t know the answer, now’s the time to take a closer look.
Review the finer details of your estate plan, address any concerns, and then decide what you should do next. The passage of time alone is reason enough to update your estate plan.
- Marriage or Divorce
The day you get married is likely to be one of the most exciting times of your life. Conversely, if you decide to divorce, you’ll look back and wonder what went wrong.
With either life altering event, it’s a good idea to review and update your estate plan. For instance, if you divorce, you need to alter your will and/or trust to ensure that your ex-spouse isn’t in line to receive your assets upon your death.
- The Birth of a Child
Just the same as getting married, bringing a child into the world (or adopting) is a joyous occasion.
The second you have the time to do so is the second you should review your estate plan with an eye toward making changes. It’s a good time to add your child as a beneficiary and name a guardian in the event that you and your spouse pass on.
Note: review and update your estate plan every time you bring another child into your family.
- Financial Changes
Your financial situation can and will change as the years go by. If you have a major change in financial circumstances, such as the result of receiving a large inheritance, consider the impact it’ll have on your estate plan.
For assistance updating your estate plan, visit the website for the Law Offices of Mary Miller P.C. at https://www.mywestchestertrust.com/ or by calling our office at 914-939-6565.