Is it time to update your estate plan?

An estate plan is an important way to protect your Delaware family and loved ones. It holds the answers to questions about who will get your assets, how they will get distributed, who will manage them for them if necessary, and more. Your estate plan is also a fluid document that changes as you go through life’s transitions.

When you remarry, have a baby or adopt a child

Your estate planning documents need to reflect your new family situation and who you want to provide for them if something happens to you. If you have a child, it may be necessary to update certain documents in order to make sure they’re adequately provided for. Similarly, if you remarry, you may want to update your will to reflect your new spouse.

You’ve been divorced or separated

If you get divorced, it’s important that you not only consider changing beneficiaries but also make sure that the documents get updated so that your wishes are still clear. If you’ve recently separated from your spouse, it’s also important to update your documents since they may no longer reflect your current situation.

You’ve moved or changed jobs

Moving to a new state means that you should update documents to make sure that they’re still valid. Failing to do so can mean that they’re invalidated by the laws affecting wills and estates in the new state. Changing jobs, on the other hand, may also require an update to your estate plan if you’re now receiving different benefits from your employer.

You’ve started a business or had major changes in assets

If you have significantly more assets than before, you may need to update documents in order to reflect how they are distributed.

Don’t let estate planning documents sit around after major life changes. Take the time to update them so that you ensure that your wishes are still clear. Doing so can help to avoid family disputes and ensure that your loved ones are well taken care of should something happen to you.