Having a Tennessee estate plan in place may go a long way as far as giving you peace of mind, but certain life events may merit you taking another look at your plan as it stands. Some people choose to revisit their estate plans at regular intervals, like every year or every other year. Others wait until something substantial takes place to do so.
According to CNBC, the following life changes and circumstances may warrant you going back over your estate plan and making updates as needed.
1. A divorce
A divorce may have a significant impact on the contents of your estate plan. If you named your former spouse your primary beneficiary in your will, you might feel differently about potentially giving him or her everything you have after a split. Similarly, if you gave your former spouse power of attorney or decision-making authority in any other areas, you might want to give these responsibilities to someone else.
2. An out-of-state move
When you move to a different state, that state may have different rules and laws about inheritance rights, estate taxes, probate, health care designations and so on. You may need to update your plan to reflect the new laws and rules in your new home state.
3. A change in your number of dependents
You may also need to revisit your Tennessee estate plan if you have more children or become responsible for more dependents.
Updating your estate plan when any of these three things occur helps ensure that your wishes come to fruition, regardless of the direction your life may take.
