Key Life Changes That Should Prompt an Estate Plan Review

Life changes can impact your estate plan in more ways than you might expect. Whether you're getting married, welcoming a new child, facing divorce, or dealing with the loss of a loved one, these major life events should prompt you to review and update your estate plan. Let’s take a look at how these moments affect your plan:

Marriage
Along with the excitement of a new chapter, marriage brings financial and legal changes. Updating your estate plan ensures your spouse will be taken care of, especially if children from previous marriages or marital agreements are involved.

Birth or Adoption of a Child
A new child changes everything. You’ll need to name your child as a beneficiary and make plans for their care and inheritance in case of an unexpected event.

Divorce
After a divorce, you need to update life insurance policies, retirement accounts, and powers of attorney to reflect your new reality. Waiting too long can create unintended complications, especially while divorce proceedings are ongoing.

Death of a Loved One
If someone named in your estate plan passes away, you’ll need to appoint a new decision-maker and update your plan to ensure everything is handled as you wish.

Significant Change in Assets
A major financial change, like an inheritance or property purchase, adds complexity to your estate plan. You may need to reassess how these assets will be managed and passed on.

Moving to a New State or Country
Laws differ across states and countries, so it's important to meet with an attorney in your new location to ensure your estate plan complies with local regulations.

At Obsidian Ridge, we’re here to help you navigate life’s changes and ensure your estate plan reflects your current needs. Call us today to schedule an appointment and protect what matters most.