How to Know if Your Estate Plan is Outdated
1. The Death of a Beneficiary
Your estate plan is a place for naming beneficiaries. If one or more beneficiary passes on before you, it’s critical to review your estate plan to make the necessary changes.
You don’t want to leave the deceased as your beneficiary, as this person is not in position to receive your assets upon your death.
2. Too Much Time has Passed
Time alone is reason enough to consider your estate plan outdated. If it’s been more than a year or two since your last estate plan review, take a closer look in an attempt to find areas that require an update.
As time passes, your estate plan has a greater chance of becoming outdated.
3. You had a Child
If you didn’t update your estate plan after having a child, consider it outdated. Even if you don’t add your new child as a beneficiary, you still need to name a guardian for him or her in the event that you and your spouse pass on while they’re a minor.
4. You Married or Divorced
Getting married or divorced is one of the biggest personal decisions of your life. If you go down either path, it’ll have ramifications on your estate plan.
Either way, you need to review your estate plan and make changes to better suit your future. For instance, you probably don’t want to keep your ex as the beneficiary of your life insurance policy after divorce.
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.