Creating an estate plan is an important step, but estate planning is not necessarily something you complete once and never revisit.

The plan that works for you today may need to change over time. Laws can change, family circumstances can evolve, assets can grow or shift, and your own priorities may be different several years from now.

At Duncan Legal, PC, we encourage individuals and families to review their estate plans after significant life changes to make sure their documents continue to reflect their circumstances and wishes.

Here are five events that should prompt another look at your estate plan.

Starting a New Job or Career

Starting a new job is an exciting time, and it can be easy to overlook estate planning considerations in the flurry of paperwork that comes with a new position.

One important item to review is your beneficiary designations.

Whether you are moving retirement assets from a previous employer or enrolling in new benefits, this can be a good time to make sure you have appropriate primary and contingent beneficiaries designated for retirement accounts and any employer-provided life insurance policies.

Retirement accounts and many life insurance policies generally pass according to their beneficiary designations rather than the terms of a will. That means simply naming someone in your will may not be enough to ensure these assets pass as you intend.

Beneficiary designations should be reviewed periodically and after significant life changes.

Buying a House

A home may be one of the largest assets you ever own. It may also have tremendous personal significance as the place where you live, raise a family, or build memories.

Purchasing a home should prompt a review of your estate plan to determine what would happen to the property if you pass away.

Depending on where you live and your circumstances, different estate planning strategies may be available to help real property pass to your chosen loved ones. Which strategy is appropriate will depend on your circumstances and overall plan.

Buying a home may also be a reason to review your life insurance coverage. If family members rely on your income to pay the mortgage and other household expenses, consider whether the resources available to them would be sufficient if something happened to you.

Marriage or Divorce

Marriage and divorce are two significant life events that should prompt an estate plan review.

After getting married, you may want to consider how your new circumstances affect documents and decisions involving:

• Healthcare directives and your wishes for future medical care
• Powers of attorney naming someone to make financial or other decisions if you are unable to do so
• Distribution of assets to a spouse
• Planning for children from a previous marriage or relationship
• Beneficiary designations on retirement accounts and life insurance policies

Divorce can make a review equally important.

Do not assume that every designation involving a former spouse will automatically be handled the way you intend after a divorce. Powers of attorney, beneficiary designations, trusts, wills, retirement plans, and other documents should all be reviewed.

State law, federal law, the terms of a particular account or plan, and the provisions of a divorce decree can all affect what happens. Reviewing the complete estate plan with an attorney can help identify documents or beneficiary designations that should be updated.

Death or Health Changes in a Family Member or Appointed Person

Estate plans frequently name people to serve in important roles, including:

• Personal representatives
• Trustees
• Agents under powers of attorney
• Healthcare decision-makers
• Guardians
• Beneficiaries

If someone you have named passes away, you should review the documents in which that person appears and determine whether an update is necessary.

Even when someone is still living, changes in health, ability, location, or personal circumstances could make it difficult for that person to fulfill the role you originally selected for them.

Periodically reviewing your choices—and identifying appropriate alternates—can help ensure your estate plan continues to work as intended.

Birth or Adoption of New Family Members

Welcoming a new child or grandchild is another important reason to revisit your estate plan.

You may want to reconsider how your assets will be distributed and whether the new family member should be included in a will or trust.

Parents of minor children should also consider who they would want to serve as guardian if both parents were unable to care for their children. Your estate plan can document those wishes and help provide guidance if the unexpected occurs.

The addition of a new family member may also be a good reason to review your existing life insurance coverage and determine whether it continues to meet your family’s needs.

Your Estate Plan Should Change When Your Life Does

An estate plan is designed around your life, your family, your property, and your wishes. When those things change, your plan may need to change with them.

A new career, home purchase, marriage, divorce, change involving someone named in your documents, or addition to your family can all be reasons to review what you currently have in place.

Call (303) 394-2358 or visit www.duncanlegal.com to schedule a consultation. At Duncan Legal, PC, we take the time to understand what has changed in your life and how those changes may affect your existing estate plan. Whether you need to update beneficiary designations, reconsider the people serving in important roles, address a new asset, or review your plan as a whole, we can help you determine what updates may be appropriate for your circumstances.

Duncan Legal, PC
6436 S. Racine Circle, Suite 227
Centennial, CO 80111