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3 reasons you should update your estate plan in the new year

The start of a new year means it is the perfect time to review your estate planning documents to ensure everything is in line with your current wishes. A lot can change in a year, so make sure you consider your desires regarding property and assets. 

So what exactly should you do to update your estate plan at the beginning of the new year? Here are some reasons you may want to make changes to your estate plan and how to accomplish your new goals. 

1. Divorce and other family changes

A lot of people file for divorce when the new year begins. If this is the case for you, you should take another look at your estate plan. Even if one of your family members gets a divorce, you probably want to remove the ex from your will. Other changes that should prompt an estate plan review in the new year include a new grandchild or a beneficiary passing away. 

2. Health changes

Your health may be different now than it was a year ago. Even if your health has not drastically changed, you should still think about the possibility of becoming incapable of making your own decisions in the future. According to Forbes magazine, you should consider designating someone to make important choices for you. You can choose people you trust to make medical and financial decisions for you if you are ever not able to do so. 

3. Changing opinions

Sometimes a drastic life event does not need to happen for you to update your estate plan. Even just the passage of another year can mean you think differently about your wishes for your estate. Perhaps you have had a falling out with someone you designated as your executor or you have a different view of a beneficiary. Whatever the case is, make it your resolution to update your estate plan according to your wishes. 

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