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Estate planning is a lifetime process. Changes in the law, your finances or family circumstances mean that it’s time for a review.

Whenever you have a significant change in your life circumstances, you should come back in and review your estate plan. Remember, estate planning is not a once-and-done transaction, but a lifetime process. However, what are some of the “significant” changes that could impact your plan and require a review and/or update?

While it is impossible to list all possible significant changes, Forbes recently listed some common ones in “6 Reasons To Revise Your Estate Plan As Soon As Possible,” including:

  • If you get divorced, you should change your estate plan to exclude your ex-spouse.
  • If you get re-married, changes need to be made to include your new spouse in your estate plan, especially if you have children from a prior relationship who need to be provided for.
  • If you have another child, it is important to change your plan to make sure that the new child is included.
  • If you have a serious illness or injury, then your estate plan should be reviewed to make sure you can meet your needs.
  • If the tax laws change, consider reviewing your estate plan to determine how the changes could affect your planning.
  • If you receive a large inheritance, then you will want to change your estate plan to reflect your new financial circumstances.

Reference: Forbes (January 2, 2017) “6 Reasons To Revise Your Estate Plan As Soon As Possible

Mr. Amoruso concentrates his practice on Elder Law, Comprehensive Estate Planning, Asset Preservation, Estate Administration and Guardianship.