Recognizing Life Events That Necessitate Estate Plan Updates
As you approach your review process, on broad terms, you are looking to ensure that your intentions have not changed, that the right people are included, that major life changes are reflected, and that all other major changes are notated.
Any change in your family may mean that you need to revise your estate plan. Marriage and divorce — yours or that of a family member — are common reasons that trigger the need to update your plan.
Navigating through life’s milestones, like tying the knot or going through a breakup, often calls for a second look at your legacy blueprint. Marriage, divorce, or remarriage; Birth or adoption of a child or grandchild; Death of a spouse or child; Changes in the financial or marital status of your heirs; Illness or disability of your spouse or child.
Evaluating Your Chosen Executor or Trustee
It may be time to contact Beacon Legacy Group if it has been a while since you updated (or reviewed) your estate plan.
It is recommended to update your estate plan every three to five years—whether changing beneficiary designations or updating estate planning documents—to keep it relevant and legally enforceable.
Implications of Business Ownership on Estate Planning
Having an estate plan is a critical component of responsible financial management. By ensuring your assets are allocated as per your desires, it safeguards the well-being of those you hold dear in your absence.
However, it’s essential to recognize that estate planning is not a one-and-done process. Life is constantly evolving, and as such, your estate plan should adapt to reflect these changes.
Business Succession Planning
Crafting an estate plan fills you with a profound sense of achievement and tranquility, as it secures the legal safeguards essential for your family’s well-being in the days to come.
To keep those protections current, you need to review and update your estate plan periodically or as certain events in your life occur.
Adjusting Your Estate Plan for Aging Children
In addition to updating your estate every three to five years, it is also important to update your plan after significant life events.
Navigating through life’s milestones, like tying the knot or going through a breakup, often calls for a second look at your legacy blueprint. Children reaching adulthood, getting married, or having their own children.
Key Takeaway:
Life keeps changing, and so should your estate plan. Keep it fresh after major events like marriage, birth, or starting a business to protect what matters most.
Conclusion
In this blog post, we’ve demystified a common misconception: the notion that updating your estate plan is a daunting task best left to the elite. In reality, maintaining your estate plan is akin to lubricating the intricate components of a well-oiled machine; it’s what keeps the machinery of your life running seamlessly, even in your absence. The truth is, change, with all its unpredictability and occasional discomfort, is the harbinger of progress and fresh perspectives.
At Beacon Legacy Group, we’re not just imparting wisdom; we’re equipping you with the means for empowerment as you travers one of adulthood’s seldom discussed territories. You should feel empowered, knowing the importance of timely updates to your estate plan. This knowledge isn’t trivial–it’s a vital piece of wisdom that holds the potential to enhance your everyday life significantly.
