An estate plan helps protect your assets, document your wishes, and provide direction for the people who matter most. But as your family, finances, and priorities change, your existing documents may no longer reflect your needs.
At Rhodes Law Firm, we help individuals and families prepare for the future by creating estate plans that reflect their circumstances and goals. Certain life events are especially important opportunities to review your plan and determine whether updates are needed.
Here are six life changes that should prompt an estate plan review.
- Getting Married or Divorced
Marriage can change how you want your assets distributed and who you trust to make financial or medical decisions on your behalf. We recommend reviewing your will, powers of attorney, and beneficiary designations to ensure they reflect your new circumstances.
Divorce can also affect your estate plan. Depending on state law and the terms of your documents, your former spouse may remain named in certain provisions or beneficiary designations. We can help you identify which documents need attention following a divorce.
- Having a Child
Welcoming a child into your family brings new responsibilities, including planning for their financial security and care if something happens to you.
Through estate planning, we can help you identify a preferred guardian for minor children, establish a trust to manage assets for their benefit, and determine how and when they should receive an inheritance. These decisions provide important guidance if you are no longer able to care for them yourself.
- Experiencing a Significant Financial Change
Buying real estate, starting a business, receiving an inheritance, or approaching retirement can change your estate planning needs. Your existing documents may not account for newly acquired assets or your updated financial goals.
We can review your plan to determine whether changes to your will, trusts, or other documents would better protect your assets and reflect your intentions for distributing them.
- Losing a Loved One
The death of a spouse, family member, or another person named in your estate planning documents may leave important gaps in your plan.
For example, your chosen executor, trustee, or agent under a power of attorney may no longer be available to serve. You may also inherit assets that affect your financial situation. We can help you review these changes and determine whether you should name new decision-makers or adjust your distribution plans.
- Moving to Another State
Estate planning laws differ from state to state. If you relocate, your will, trust, powers of attorney, and health care directives may need to be reviewed under your new state’s laws.
Even when existing documents remain valid, certain provisions may operate differently after a move. We can help you identify potential issues and determine whether revisions are appropriate for your new circumstances.
- Starting a Business or Retiring
Major career changes can affect your finances, assets, and long-term priorities. If you own a business, we can help you consider succession planning and how ownership should be handled if you become incapacitated or pass away.
Retirement may also change your income, investments, and plans for leaving assets to loved ones. Reviewing your estate plan during this transition helps ensure your documents continue to support your goals.
Keep Your Estate Plan Current
Your estate plan should reflect your life today, not the circumstances you faced when you first created it. Even without a major life change, we recommend reviewing your documents periodically to identify outdated provisions and address changing needs.
At Rhodes Law Firm, we work with individuals and families to evaluate their estate planning documents and determine what updates may be appropriate. Contact us to discuss your estate planning needs and help ensure your plan continues to reflect your wishes.