Creating your estate plan is something that you should do without delay, but this isn’t a situation that is one and done. Instead, you have to plan to review and update your estate plan on a regular basis.
There are also certain life events that require you to take a look at the terms of your estate plan. Understanding when to review your estate plan is critical so you can ensure that your estate plan reflects your current wishes.
How often should you update your estate plan?
You shouldn’t ever go longer than five years without taking a look at the estate plan to determine if you still approve of the terms. It’s best to go through each aspect of the estate plan, even if you think that you remember the terms in it.
What situations should lead to an estate plan review?
Major life changes should trigger a review of your estate plan. Updating your estate plan if you get married or divorced is critical. If you have or adopt a child, you should also check your estate plan. Having grandchildren or your children turning 18 years old are other times.
Changes in your assets also trigger the need to check your estate plan. Your plan should only include assets you currently own, so you need to update it when you acquire or part with assets.
Another time that you need to check your estate plan is if the laws change, but this can be difficult to keep up with. Working with someone familiar with these matters may be beneficial, so you can ensure that your estate plan lawfully relays your wishes so your loved ones can follow them.