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Important times to review an estate plan

On Behalf of | Nov 9, 2023 | Probate & Estate Planning |

If you have an estate plan, it’s important to review it regularly. One option is to review the estate plan every few years. This way, for example, you know that your plan is never more than two or three years out of date.

But the problem, of course, is that it technically could be outdated. Some significant changes may have happened during that time period. If you pass away before you do the review and make any updates, you may have missed your chance.

Reviewing after life events

For this reason, some people will choose to do a review and potentially make updates after specific life events. Here are some examples of things that may mean a review is necessary:

  • You or your spouse become disabled or suffer from an illness. 
  • You get married or divorced. 
  • One of your heirs passes away. 
  • A new heir is born, whether they are a child or a grandchild. 
  • There are significant changes to state or federal laws. 
  • Your career changes significantly, such as when you start your own business or get a promotion. 
  • Your financial goals change. 
  • There are changes to other people who are integral to your estate plan, such as the trustee who is supposed to administer a trust or the guardian who is supposed to care for your children.

Whenever there are these types of major life changes, they may require a change in your estate plan. You may need to add people to your will or remove them from the estate plan. You may need to change how you allocate certain assets. Everyone’s situation is unique, but this helps to demonstrate why it’s so important to understand all of your legal options and the steps you need to take.

Contact us today for a thorough review of your existing estate plan or to discuss your estate planning needs in more detail.