I Only Need to do My Estate Plan Once, Right?

No. When you have an estate plan, it is not necessarily a set and forget it type of thing. I did it when I was 20. Cool. I never have to update it. It’s not how it necessarily works. There are certain life events in which you may want to update your estate plan: 1) you got married, 2) you got divorced, 3) you had a new child and 4) you had a significant change in economic status. Other things that may change is if beneficiaries are no longer with you. For example, if I’m giving all of my estate to my sister, andI’m unmarried. But then my sister predeceases me, I may wanna update my will at that point in time since I no longer have a named beneficiary. Other times that we see people start to think about it and make tweaks and updates just because they want to is when a parent or close loved one passes away because it gives them a different perspective, but certainly if you have a major life event like marriage, divorce, or kids, those are really good times to review your estate plan.

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