Estate Planning

When Should You Update Your Estate Plan?

By August 7, 2021 August 9th, 2021 No Comments

You know it’s critical to have an estate plan in place to protect your loved ones and yourself. But you just aren’t sure when you need to update it.

Here are some times in your life when it’s important to update your plan so that you can ensure your wishes are fulfilled.

When You Get Divorced

If your marriage ends, then you need to update your estate plan by taking your former spouse out of crucial documents.

When You Get Remarried

You may want to add your new spouse to your legal documents. Additionally, you might want to designate your children from your first marriage as your beneficiaries as opposed to your stepchildren from your second marriage, if you have any.

If Your Spouse Becomes Sick or Disabled

If your spouse suffers from an illness or a disability, they may not be able to serve as your power of attorney or make other decisions for you that they previously could.

If You Have Another Dependent

Let’s say there’s been a recent development in your life and you’ve taken on caring for a disabled adult. You’re going to want to add them to your estate plan so they continue to receive care after you’re gone.

If Your Assets Have Increased or Decreased

Perhaps you recently came into a lot of inheritance money, purchased a house, or cashed out your stocks. Or, maybe you lost money. Either way, this is a good time to update your estate plan.

If a Loved One Passes Away

You may have designated a loved one as your power of attorney or made them a beneficiary. Now that they’ve passed away, you need to update your plan.

Contacting Legacy Law Group

If you need help updating your estate plan, you can contact the estate planning attorneys at Legacy Law Group in Eastern Washington, Spokane Valley, and Spokane itself. Get in touch with us at (509) 315-8087.