Financial Planning Fridays #60: When Should You Update Your Will and Estate Plan?

Today, we’d like to discuss a topic that’s close to my heart and crucial for your financial well-being: When should you update your will and estate plan?

Life is a journey filled with milestones. And with each significant event, it’s essential to ensure that your financial legacy reflects your current wishes.

So, when exactly should you consider updating your will and estate plan? Let’s look at the top 7 times together:

#1 Marriage or Divorce: Marriage or divorce are profound life changes. Your assets, liabilities, and beneficiaries might need a relook. Ensure your estate plan mirrors your current relationship status.

#2 Birth or Adoption of a Child or Grandchild: The arrival of a new family member is a joyous occasion. It’s also a time to ensure they’re taken care of, should anything happen to you.

#3 Purchase or Sale of Significant Assets: Acquiring or selling major assets like a home or business can significantly impact your financial landscape. Your will should reflect these changes.

#4 Retirement: Retirement is a significant shift in your financial journey. It’s a good time to reassess your estate plan, ensuring it aligns with your retirement goals.

#5 Changes in Tax Laws: Tax laws tend to change often, which can impact your estate planning strategies.

#6 Death of a Beneficiary or Executor: The loss of a loved one is challenging. It’s essential to update your will if a beneficiary or executor passes away.

#7 Periodic Reviews: Even if you haven’t experienced significant life events, it’s a good practice to review your will and estate plan every 3-5 years.

Your will and estate plan are more than just documents. They’re a reflection of your life’s journey and your wishes for your loved ones. Keeping them updated ensures that your legacy is preserved the way you intend.

If you have any questions or need guidance, our team at Presilium Private Wealth is here to help.

Be on the lookout for our next Financial Planning Fridays episode. Subscribe to our Youtube Channel so you never miss an episode. Or contact us directly; schedule your 15-minute call with us today.