Updating Your Estate Plan for the New Year

The new year is the perfect time to reflect on the last 12 months and set new goals for the future. This also makes it an ideal time to update your estate plan. Much can change in a year, and your estate planning documents should reflect your current circumstances. Keep reading to learn some common life changes that may warrant updating your estate plan. Life Changes that May Affect Your Estate Plan Marriage or divorce: Many people appoint their spouse as a beneficiary, executor, or trustee. If your marital status changes, you should update your estate plan to reflect this. A new child or grandchild: You may wish to add a new family member as a beneficiary or set aside assets for them in a trust. Your Last Will and Testament should also include guardianship provisions for your minor children or dependents in the event that you pass away. The loss of a beneficiary: Losing a loved one is a tragedy, especially when it’s someone to whom you planned to bequeath your legacy. Updating your estate plan to reflect this loss is a heartbreaking but necessary step. A change in trustees or executors: Life moves quickly, and people’s health and priorities can change. Take some time to review the people you have nominated…