Estate planning is one of those important tasks that’s easy to put off. Once you have a will, trust, power of attorney or beneficiary designations in place, it can feel like you’re set for life. But life changes, and your estate plan should change with it.

A good rule of thumb is to review your estate plan every few years and whenever a major milestone happens. Here are seven life events that should move an estate plan review to the top of your to-do list.

 

You Get Married

Marriage often means combining finances, sharing goals and building a future together. It’s also a good time to update your will, trust, health care documents and financial power of attorney. You may want to name your spouse as a beneficiary or decision-maker, and make sure retirement accounts and life insurance policies reflect your wishes.

 

You Get Divorced

Divorce can create just as many planning needs as marriage. Review beneficiary designations, guardianship choices, powers of attorney and any instructions that give an ex-spouse authority over your finances or health care. Don’t assume changes happen automatically. An estate planning attorney can help you understand what needs to be updated under Colorado law.

 

You Welcome a Child or Grandchild

A new child, adopted child or grandchild brings plenty of joy, and a new reason to plan ahead. Parents of minor children should consider who they would want to serve as guardian if something happened to them. You may also want to explore a trust to help manage assets for a child until they’re mature enough to handle an inheritance responsibly.

 

Someone You Named in Your Plan Dies or Can No Longer Serve

The people in your estate plan matter just as much as the documents themselves. If a beneficiary, guardian, executor, trustee or health care agent passes away, becomes ill or is no longer the right person for the role, it’s time for an update. Naming backup choices can also help keep your plan working as intended.

 

You Buy, Sell or Inherit Significant Property

Buying a home, purchasing a rental property, starting a business or receiving an inheritance can change the shape of your estate. Review how assets are titled and whether your will or trust accounts for them. Big changes in property or investments may also affect how you want assets divided among loved ones.

 

Your Financial Picture Changes

A major increase—or decrease—in income, savings, debt or insurance coverage deserves a second look. Retirement accounts, investment accounts and life insurance often pass through beneficiary designations, which may not match the instructions in your will. Make sure all parts of your plan are working together.

You Retire, Change Jobs or Experience a Health Change

Retirement, a new job, disability or a serious diagnosis can all affect your financial and health care planning. Retirement accounts may need updated beneficiaries, while health changes can make advance directives and powers of attorney especially important. Events such as marriage, divorce, children, disability and a spouse’s death can affect retirement planning.

Estate planning isn’t only about what happens someday, it’s about protecting the people and plans that matter today. After a major life event, consider meeting with a qualified estate planning attorney and reviewing your beneficiaries, account titles and key documents. Life moves quickly. A current estate plan can help your wishes keep up.