Because no one can predict the future, it makes sense to try to prepare for as many eventualities as possible, including incapacitation and death. Creating an estate plan can help put everyone’s minds at ease that a plan is in place that will, hopefully, make things easier for surviving family members. The problem is when individuals create their plans, put them in a drawer and forget about them.
Nashville residents who have created an estate plan may want to pull them out periodically and make sure the documents still reflect their wishes and goals. The question that may be on many people’s minds is what constitutes “periodically” when it comes to reviewing these documents? The general consensus is that individuals should review their plans at least every three to five years — unless they experience a major life event in the meantime.
Any number of events can change a person’s life. It may not be surprising having a child or grandchild, getting a divorce or remarrying would all be considered major life events. However, other events also require a review, such as when a child or grandchild becomes an adult, if a spouse experiences a debilitating injury or illness, or an heir or beneficiary passes away before the estate owner. This is not even a complete list of the occurrences in a person’s life that could prompt a review.
One of the primary purposes of executing these documents is to make it easier on surviving family members. If an individual fails to make changes to them when needed, it could nullify the work put into creating the plan in the first place. Anyone who wonders whether a certain life event should trigger a review of an estate plan would most likely benefit from consulting with an experienced Nashville attorney to make sure and have the assistance needed in order to make the appropriate changes.