Most peoples’ new year’s resolutions include going to the gym more often, eating healthier, losing weight, spending more time with family and friends, saving more money and getting more sleep, to name a few, but what about reviewing your estate plan?
If you have experienced any significant changes in your family or financial circumstances in the past year, you should add reviewing your estate plan to your list of new year’s resolutions and make that one a top priority.
The following are some examples of events in your life that may trigger a review of your estate plan:
- You get engaged, married, separated or divorced.
- Your child gets married, separated or divorced.
- You live in a conjugal relationship for over a year.
- You have a child.
- You have a grandchild.
- You have a significant new asset.
- You are facing financial difficulties.
- Your spouse or child is facing financial difficulties.
- You move to another jurisdiction.
- Your appointed executor/trustee moves to another jurisdiction.
- Your child moves out of the country.
- You are facing health issues.
- Your spouse or child is facing health issues.
- Your spouse or child becomes incapacitated.
- Your spouse or child dies.
- Your appointed executor/trustee becomes ill or dies.
- You no longer have contact with your child.
- You no longer have contact with your appointed executor/trustee.
- You begin financially supporting your adult child.
As well, there may have been changes in the law that impact your estate plan. Make reviewing your estate plan your most important resolution for this year. Don’t delay. Speak to your solicitor today about whether your estate plan needs to be revisited.