5 Times to Update Your Estate Plan

Do you have an estate plan in place? Is it time for an update due to changes in life circumstances? Whatever your reasoning, our team can help you. Here are a few instances when you should consider updating your estate plan: 

1. When you purchase a home

The change in your estate’s value is an ideal time to update your estate plan. First, you must review how your property will be divided and decide if these ideas are your desires. Whether selling or purchasing an asset, this is a perfect time for reviewing and updating your estate plan. 

2. When you get married

Your spouse will not automatically become your heir when you get married. Therefore, you will have to revise your estate plan accordingly if you wish for your spouse to inherit any of your assets if tragedy strikes. 

3. When you have children

Do you want your children to receive specified assets of yours? Then, you can outline this explicitly in your estate plan!

4. When you get divorced

Was your ex-spouse included in your estate plan? You should update it as soon as possible if you no longer want them included. An experienced estate planning attorney can help. 

5. When your circumstances or goals change

A significant life event does not have to occur to spark an update in your estate plan; your goals or circumstances can change. Whether you experienced something and had a change of heart or someone included in your estate plan is no longer significant, you have reason to make updates.

If you think of something you wish to change in your estate plan, contact the Bassett & Gabriel team at 618-754-1515.