There are several reasons to update your estate plan

Once you create an estate plan, you’ll feel like the weight of the world has been lifted from your shoulders. It’s not always easy to make your way through this process, so you should be proud of yourself.

While you hope that your estate plan can remain the same for many years into the future, here’s something to keep in mind: There are many reasons why you may need to update some or all of your estate planning documents.

If you neglect to make changes at the right time, you’re taking a big risk that could harm you and/or your family in the future.

Here are some of the many events that could prompt you to update your estate plan:

• The person you named as your beneficiary is no longer living
• You are going through the divorce process
• You are tying the knot
• You need to add new people to your will, such as if you are having another child
• There are new state laws that could impact your estate planning documents
• You want to change the guardian of any minor children
• Your minor children are now 18 years of age or older
• The acquisition of a valuable asset

Along with the above, here’s one last thing to remember: The passage of time is often reason enough to review your estate plan and make any necessary changes. You may find that what worked for you five years ago, for example, is no longer good enough today.

With all this in mind, you should never hesitate to update your estate plan. It’s not always easy and it’s not always fun, but it will give you the peace of mind that you deserve. As long as you know what you should and shouldn’t be doing when making changes, everything will come together in the end.