When your life changes in a big way, your will must change with it. Marriage, divorce, new children or grandchildren, and significant financial changes are all reason to revisit your last will and testament.

Estate planning isn’t reserved for the ultra-rich. Estate planning minimizes the tax liability for your beneficiaries while giving you peace of mind knowing that your hard work will be inherited by the people you care about most. It might seem macabre, but there’s no time like the present to prepare for your family’s future. Here are the essential steps for a great estate plan.