Conscientious Estate Planning For Oregonians

3 events that merit altering your estate plan

On Behalf of | Apr 23, 2024 | Estate Planning

You should review your estate plan at least every two or three years. You won’t necessarily need to change it each time, but reviewing it allows you to decide whether you must do so or not.

Some events are significant enough to require immediate updates even if you only recently reviewed it and found it was all OK. Here are three of those:

A new child comes into your life

Whether you give birth to a child or adopt them, you need to put them in your estate plan. Firstly, you must name a guardian to take on the legal parenting role if you die before the child turns 18 which is when the law considers they are old enough to look after themselves. Secondly, you may want to make your child a beneficiary of your will or other assets. 

Starting or selling a business

A business may be one of the most valuable assets you have, so you want to ensure that the right people benefit from it when you pass. Don’t wait for your business to hit the heights before adding it to your estate plan, as you might forget. If you go on to sell or close the business you need to remove it from your estate plan to avoid confusion.

Marrying or divorcing

Marrying and divorcing will change the assets you own. Your estate plan needs to reflect your current assets. It’s also common to give your spouse power of attorney or name them as a beneficiary on certain accounts. If you want to change this when you divorce, you’ll have to update your estate plan.

Whatever your reason for updating, it’s wise to take legal guidance.