Life rarely remains static for long periods. In terms of estate planning, this means that your plan cannot remain static for too long either. Generally, it is recommended that estate plans be viewed at least once every year or two.
Nonetheless, there are specific reasons why you may want to update your estate plan. Here are some important factors to consider.
Significant personal milestones
Estate planning is largely about family. It ensures that your loved ones are looked after should something happen to you. However, an estate plan can only look after your family if they are included in writing. The birth of a new child, a marriage or a loved one passing on are just some significant milestones that could mean your plan needs updating.
Changes in assets
Perhaps you have come into significant wealth since you last reviewed your estate plan. If you don’t include these new assets, then they might not pass in accordance with your intentions. At the same time, you may have sold an asset that was included in your most recent plan. Your estate plan must match your current financial situation.
The law changes
Another factor to consider is that the law is constantly evolving, particularly estate planning regulations. The laws regarding estate taxes may have changed since you last updated, and there may be adjustments that can help you achieve maximum value.
Estate planning is beneficial for all adults. Whether you’re considering making a start or adjustments, having legal guidance can help you through the process.