Life is full of changes, both big and small. Some changes are so significant that they can affect your financial situation, family relationships, and long-term goals. These major events can also impact the decisions you have made in your estate plan. Reviewing your estate plan after such events is important to make sure your wishes are still being honored and your loved ones are properly cared for. At, Cole, Sorrentino, Hurley, Hewner & Gambino, P.C. , we are here to guide you through the legal process and help you navigate the complexities of your case.
Richard H. Cole
Partner
Thomas F. Hewner
Partner
Donna L. Haslinger
Partner
Vivian P. Roche'
Partner
Keith R. Rosso
Attorney
Tasha D. Frazie
Attorney
Understanding What an Estate Plan Does
An estate plan is a set of documents that explain how you want your property and belongings to be handled after you pass away. It can also include plans for your care if you are ever unable to make decisions for yourself. An estate plan is meant to give you peace of mind and protect your family from unnecessary stress. However, life changes can make parts of your plan outdated or no longer useful. This is why reviewing your estate plan after major life events is so important.
How Marriage Changes Your Estate Plan
Getting married is an exciting time, but it can also bring many changes to your life and finances. If you had an estate plan before getting married, you might need to adjust it to include your spouse. You may want to name your spouse as a beneficiary, which means they will inherit certain assets or money. You might also want to name them as someone who can make decisions for you if you cannot do so yourself.
If you and your spouse created a joint estate plan when you got married, it is also important to update it over time. Life events such as having children or buying property can mean changes to the decisions you made earlier. Keeping your estate plan updated ensures that your wishes will be followed no matter what.
How Divorce Affects an Estate Plan
A divorce can greatly affect your estate plan. After a divorce, you might not want your former spouse to inherit your property or make decisions for you. Updating your estate plan after a divorce is very important to make sure your wishes are clear. You may need to change the names of beneficiaries or the people you chose to handle your affairs.
If you remarry, your new spouse might need to be added to your estate plan. This is especially important if you have children from a previous marriage. Updating your plan can help make sure that both your children and your new spouse are cared for in the way you want.
Welcoming a New Child or Grandchild
Adding a new member to your family is a joyful event that should be reflected in your estate plan. If you have a new child or grandchild, you might want to include them as beneficiaries in your plan. You can also name a guardian who will take care of your children if you are no longer able to do so.
When reviewing your estate plan, think about the future needs of your children or grandchildren. You may want to set up a trust to help pay for their education or other expenses. Making these decisions now can protect their future and make sure they are cared for as you intend.
The Loss of a Loved One
Losing a loved one is a very difficult time, but it is also a moment when reviewing your estate plan becomes important. If the person who passed away was named in your plan as a beneficiary or had a role in managing your estate, you will need to update your documents. This is an important step to make sure your plan continues to work smoothly.
You might also want to update your plan to reflect the loss of a loved one emotionally. For example, you could choose to honor their memory by setting up a fund or making a gift to a cause they cared about. This can bring comfort to you and your family during a challenging time.
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Major Changes to Your Finances
A sudden change in your financial situation is another reason to review your estate plan. Whether you receive an inheritance, buy a house, or start a new business, these changes can affect how your estate is divided. Reviewing your plan allows you to include new assets and decide how they should be handled.
Financial challenges like debt or bankruptcy can also require changes to your estate plan. Keeping your plan updated ensures that your wishes are clear and that your loved ones are protected, even during tough financial times.
Changes in Health or Aging
As people age, their health needs can change. If you or a loved one experiences a serious illness or disability, it is important to update your estate plan to reflect these changes. You might need to choose someone to make medical or financial decisions on your behalf.
Planning for long-term care is another important part of updating your estate plan as you age. Making these plans early can give you and your family peace of mind, knowing that your needs will be met in the future.
Why Regular Reviews Matter
Even if you do not experience a major life event, it is still a good idea to review your estate plan regularly. Laws and tax rules can change over time, and these changes can affect your plan. Regular reviews help ensure your estate plan stays current and continues to meet your goals.
Your relationships and priorities can also change over time. Reviewing your plan gives you the chance to make adjustments as your family grows or your wishes evolve. A well-maintained estate plan is a gift to your loved ones, as it reduces confusion and ensures your wishes are honored.
The Importance of Working with Legal Professionals
Reviewing your estate plan can feel overwhelming, especially after a major life event. Working with legal professionals who understand estate planning can make the process easier. They can help you understand your options and make sure all your documents are accurate and up to date.
A well-prepared estate plan protects your family and gives you peace of mind. It is a reflection of your care and love for those you hold dear. Taking the time to review and update it ensures that your legacy will be preserved in the way you want.
Planning for Future Generations
One of the most meaningful aspects of estate planning is the opportunity to shape the future for the generations that follow. As your family grows and changes, your estate plan can serve as a powerful tool to pass on not just financial assets, but also values and traditions. Whether it involves creating trusts to support educational goals, ensuring the care of a family home, or supporting causes that matter deeply to you, an estate plan allows you to leave a lasting legacy. By revisiting and updating your plan after significant life events, you ensure that your intentions remain aligned with your evolving circumstances and continue to make a positive impact long after you are gone.
If you are ready to review your estate plan after a major life event, Cole, Sorrentino, Hurley, Hewner & Gambino, P.C. is here to help. Our team is dedicated to guiding you through this process and making sure your wishes are clearly stated. Reach out to us today for thoughtful legal support that helps protect your family’s future.