Is it time to update your estate plan?

Is It Time to Update Your Estate Plan?

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It’s essential to revisit and change your estate plan from time to time. Most financial experts recommend that you review and revise your estate plan every three to five years or after you’ve undergone a significant life event. Here’s a closer look at some of the circumstances that may require an update to your estate plan:

A Geographic Move

Estate planning laws may vary from state to state. While some differences are slight, others are significant and warrant changes related to powers of attorney, advance medical directives, and living wills. If you move to another state or acquire a second residence there, it’s in your best interest to meet with a legal professional to learn how your new state’s estate laws impact your situation.

Significant Health Changes

An estate plan is designed to protect your health, well-being, and finances. If you or a loved one experience a substantial change in health, it’s essential to revise your estate plan. For example, if your power of attorney is a spouse whose health now prevents them from taking on the role, you may want to consider changing to someone else.

Marital Changes

A change in your marital status is the ideal time to review your estate plan. If you get married, you may want to add your new spouse to specific estate planning documents. On the flip side, if you divorced, you might want to remove your former partner from your estate plan.

Birth of a Child

It’s essential to protect your children when something unfortunate happens to you or your child’s other parent. That’s why the birth of a child usually requires an update to your estate plan. You can also use the opportunity of updating your estate plan to name a guardian for your child.

Major Financial Changes

Maybe you purchased a home, or perhaps you made a considerable investment or became a business owner. If there has been a substantial change to your finances, you must update your estate plan to reflect your and your family’s new needs.

visit with your financial professional

Your financial professional can help you with your estate planning needs by reviewing your financial situation and determining the ideal strategy for your unique situation. Talk to us today!

© 2024 Trajan® Wealth LLC. Nothing in this blog is intended as investment advice, nor is it an offer to buy or sell any security. Please consult your financial advisor for questions about your personal financial situation. All investments involve risk, including the potential for loss. Trajan Wealth clients and employees may have a position in any of the securities mentioned. Portfolio holdings and other data are subject to change at any time and without notice. Additionally, the above links provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Trajan Wealth, L.L.C., of any of the products, services or opinions of the corporation or organization or individual. Trajan Wealth, L.L.C., bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. These materials are for informational and educational purposes and are not designed, nor intended, to apply to any person’s individual circumstances. It does not take into account the specific investment objectives, tax and financial condition, or particular needs of any specific person. Please consult with your legal and/or tax advisor before making any tax-related decisions.

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