When Is It Critical to Review Your Estate Plan and Why?
Like other important life tasks, your estate plan deserves ongoing attention. At Bloom Legal Advisors, we recommend reviewing your estate plan every year and meeting with us for a comprehensive review at least every three years, or more frequently if your circumstances change. Think of it as your estate plan’s preventive check-up, because prevention is always better than correction.
A routine check-up isn’t the only time to review your plan. Certain life events may signal that it’s time to contact us to ensure your estate plan still reflects your goals and wishes.
If you experience any of these significant life events and reside in Kansas or Missouri, we will help you update your estate plan appropriately.
Marriage
Getting married is an exciting milestone! Marriage often changes how you share finances and property. Now is the perfect time to work with Bloom Legal Advisors to update your will, trust, and financial and medical powers of attorney. Don’t forget to review retirement accounts, life insurance, and investment account beneficiary designations. If it’s a second marriage with children from a previous relationship, estate planning is crucial to ensure your loved ones are protected exactly as you intend.
Birth or Adoption
Welcoming a new child is a joyous moment. It’s also the perfect time to plan for their future. Working with us, you can establish guardianship, inheritance plans, and management of assets for your child. These steps help ensure your child is cared for no matter what happens.
New Job
Starting a new job can bring financial changes and new benefits. Make sure your estate plan reflects these updates. Beneficiary designations on retirement accounts or life insurance may need adjustments. We can help align your estate plan with your updated financial picture.
Loss of a Job
Leaving a job can significantly impact your finances. You may lose employer-provided benefits like life insurance or retirement contributions. It’s important to review your estate plan to reflect these changes and protect your financial future.
Retirement
Retirement is an exciting time to enjoy your golden years. It also brings changes in how you use retirement accounts and manage assets. Bloom Legal Advisors can help ensure your estate plan addresses lifestyle shifts, travel plans, and your ongoing financial needs.
Relocation
If you’ve moved across state lines, your estate plan may need updates to comply with local laws. We can review your existing documents to ensure they are valid in Kansas and Missouri. We also provide guidance on titling new property, including incorporating real estate into a revocable living trust if appropriate.
Divorce
Divorce is challenging, but planning for your future is essential. During and after divorce proceedings, our estate planning attorney can help update your will, trust, beneficiary designations, and powers of attorney to reflect your new circumstances. Ensuring your ex-spouse does not inherit from you or control financial or medical decisions is a key part of this process.
Death of a Loved One
There is so much to handle after the loss of a loved one. Take some time to be with those you care about and honor the life of the one you lost. When you are ready, it’s important to review your estate plan. Remove the deceased as a beneficiary, update decision-makers like agents or trustees, and ensure your plan reflects your current wishes. We can guide you through these necessary updates with compassion and care.
Receiving an Inheritance
The death of a loved one not only brings grief and loss, but it may also result in receiving an inheritance. An inheritance can change your financial picture and estate planning strategy. Our estate planning attorney can help advise when you retitle accounts, update beneficiary designations, and address estate tax or asset protection considerations to ensure your inheritance is preserved for your goals.
We Would Be Honored to Help
Whatever life brings, Bloom Legal Advisors is here to help you navigate milestones and challenges with confidence. Even if no major life events have occurred, reviewing your estate plan every three years is a wise step to ensure your wishes are protected.
