Major milestones in your life should also serve as a reminder to create an estate plan or update your estate plan to ensure it reflects your circumstances and goals.
Let’s take a closer look at the various times in your life it makes sense to establish or update your estate plan.
When You Are an Adult Without a Will
Everyone needs a will.
Whether you have limited assets, are single, are married, have kids, run a business, or live with your parents, it is a good idea to have a last will and testament on file. It can provide direction for your loved ones in the event of your death and provide you with peace of mind knowing that your wishes will be known no matter what happens.
When You Get Married (or Remarried)
Marriage is a major change in life circumstances that is often accompanied by new property, the joining of finances and a change in perspective. It is important to make sure your will still reflects your goals and desires after such a major change. This is especially important if one of you is entering a marriage with children. For example, you may need to make updates to your will to ensure certain assets are left to your adult children rather than your spouse if this is a second marriage.
When You Get Divorced
Chances are you will not feel like leaving your remaining financial assets and property to your ex when you die. It is crucial to pull out your estate planning documents after a divorce and make sure everything reflects your current situation and new goals for the future.
The bottom line: any major change in your domestic or financial situation warrants a review of your will and other estate planning documents.