10 Life Events That Could Impact Your Estate Plan (And What to Do About It)

Life is full of surprises, and sometimes those surprises can have a big impact on your estate plan. Whether it’s a new baby, a job change, or a divorce, your estate plan needs to grow and change with you. As someone who cares deeply about helping families protect their futures, I want to walk you through 10 life events that could affect your estate plan—and what you can do to ensure you’re always prepared.

1. The Birth of a Child

   • A new baby is one of the happiest times in life, but it’s also a critical moment to review your estate plan. You’ll want to name a guardian for your child in case something happens to you. It’s also a great time to set up a trust to ensure their financial security.

2. Marriage or Divorce

   • A change in your marital status can affect how your assets are divided. After a marriage or divorce, make sure your estate plan reflects your new situation, whether that means adding a spouse to your will or updating beneficiaries on life insurance policies and retirement accounts.

3. Buying a Home

   • When you buy a house, it’s important to update your estate plan to include your new property. This might mean rethinking how you want to pass on the house, whether to your spouse, children, or someone else.

4. Death of a Loved One

   • The death of a spouse, parent, or other close family member is a heartbreaking time, but it’s also a moment to reevaluate your estate plan. You may need to update beneficiaries, change guardianship arrangements for your children, or adjust your financial plans to account for the loss.

5. Receiving an Inheritance

   • If you receive an inheritance, you’ll want to update your estate plan to reflect this new wealth. This could involve adding new assets to your will or creating a trust to protect and manage the inheritance for your future generations.

6. Starting a Business

   • If you’ve recently started your own business, it’s important to think about how your business will be managed if something happens to you. A business succession plan should be included in your estate plan to ensure your business continues smoothly, even in your absence.

7. Health Changes

   • A serious health issue, whether it’s a chronic condition or a sudden illness, may require you to revisit your estate plan. This could include creating a healthcare directive to outline your wishes for medical care or naming someone to make decisions on your behalf if you’re unable to do so.

8. Retirement

   • As you approach retirement, your estate planning needs may change. You’ll want to review your financial assets, update your beneficiary designations, and make sure you have a plan in place for your retirement accounts and other savings.

9. Relocation

   • If you move to a new state, your estate plan may need to be updated to comply with local laws. Each state has its own set of estate planning rules, and what worked in one state may not be valid in another.

10. Changes in Financial Status

• A job promotion, change in income, or large purchase can all affect your financial situation. If your financial status changes significantly, it’s a good idea to revisit your estate plan and ensure it reflects your new circumstances.

Ready to Get Started?

No matter what life throws your way, I’m here to help you navigate the changes and keep your estate plan up to date. Click the link to Get Started, and let’s make sure you’re prepared for whatever life brings.