When Should You Update Your Estate Plan? The Top Reasons You May Need to Make Changes

Making sure your estate plan is up to date is an important part of maintaining financial security for you and your loved ones. But when should you update your estate plan? Expert estate planning lawyers in Perth share these top reasons why you may need to make changes to your estate plan, so you can be sure that your wishes are fulfilled and your family is taken care of.

You've Married or Divorced Since You Created Your Estate Plan:

If you've recently tied the knot or gone your separate ways since creating your estate plan, it's essential to update it accordingly. The addition of a spouse means your assets are now combined, and any of your former partner's rights to them must be addressed.

If you've divorced, any provisions involving your ex-spouse must be removed. Furthermore, you'll need to designate a new beneficiary for any accounts you share with your former partner.

You Have Children or Grandchildren:

If you have recently had a child or grandchild, updating your estate plan is essential. You may want to consider creating a trust to ensure that your assets are managed and distributed according to your wishes in the event of your death.

Depending on the state you live in, you may also need to name a guardian for any minor children. This can be especially important if one parent has passed away, or if both parents are unable to care for the child.

You've Started a Business:

According to estate planning lawyers in Perth, you should update your estate plan if you have recently started your own business. Businesses come with a variety of assets and liabilities, and an up-to-date estate plan is the best way to protect your interests in the event of your death or incapacitation.

Consider consulting a lawyer who specialises in business law to help you set up the necessary documents such as a Last Will and Testament, Living Will, and Power of Attorney.

You've Moved to Another State:

Moving to a new state can have a big impact on your estate plan. You may need to update your plan to ensure that it's in compliance with the new state's laws. In addition, you may want to consider revising the language of your plan to ensure that it works with the new state's requirements. Talk to your wills and estate lawyers in Perth if you need assistance.

For example, some states have different tax laws, which may require you to make changes to your estate plan. You may want to review the terms of any trusts in your estate plan to ensure that they comply with the laws of your new state.

Estate planning is an important part of ensuring that your wishes are carried out after your death. It can be a complex process to plan for the future and ensure that your assets are distributed according to your wishes. Hiring trust lawyers in Perth can be of great help.

The author is one of the certified trust lawyers in Perth working at a renowned law firm. He has several years of experience in this field of work. To know more, visit https://www.munrodoig.com.au/

Founded in 2002, by its directors Colin Munro and Ron Doig, Munro Doig Lawyers is a leading law firm based in Perth, Western Australia.