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Is it time to update your estate plan?

On Behalf of | Jun 22, 2023 | Estate Planning

Creating an estate plan is a crucial part of preparation for end of life matters. The first step: actually create the plan itself. But the work does not end there.

After creating an estate plan, it is important to keep it updated along with the changes in your life.

Frequent review in uneventful times

Forbes discusses when it is time to update your estate plan. Generally speaking, people seem to have different opinions when it comes to correct times to review an estate plan.

However, many suggest that you review it once every 3 to 5 years. This allows you to frequently refresh your memory about your current estate plan situation and pick up on any potential changes that you may have forgotten about.

Situations that require updates

Specific situations also require you to review your estate plan and potentially update it. The three main categories include changes to beneficiaries, changes to assets and changes in location.

Changes to beneficiaries can include any loss or gain of one. This may happen through marriage, divorce, death, estrangement, birth, adoption and more.

Changes to assets can also include gains or losses. Examples include if you come into a sudden inheritance, or if you fall into debt. Changes or transfers in assets also count. This can include buying or selling property.

Finally, if you move to another state, you must always ensure that your estate plan abides by their rules. This way, in the event of your death, you know that your estate will pass along without running into any snags.