Creating an estate plan is an essential undertaking. It helps you prepare for the future and ensures the security of your family legacy. But in order to make sure your future is secure, an estate plan requires constant updating.
Ideally, you should review your estate plan every three to five years, just in case there are any changes you’d like to make that you wouldn’t have otherwise thought of. But there are also several life circumstances that warrant a review of your estate plan.
Updating your plan
Life changes constantly, and your estate plan should change with it. Whether you need to add or remove beneficiaries, move assets around or add new documents to your plan, here are just some life events that should prompt you to review your estate plan:
- A recent personal divorce
- A family member’s divorce
- A recent personal marriage
- A family member’s marriage
- The death of a relative
- The birth of a child or grandchild
- A falling out with a family member
- A medical diagnosis
- A significant inheritance
- Moving out of state
Get help when making changes
You have complete access to your own estate plan, so it shouldn’t be too difficult to access the documents you need to review or make changes to. However, making changes can sometimes be overwhelming and complex.
An estate planning attorney can be beneficial when you need to modify or update your estate plan. Especially if you are considering adding documents to your estate plan, you may need some guidance in that area. Tools such as trusts, powers of attorney or healthcare directives can be beneficial but complicated.
When updating your estate plan, you want to make sure that you have all your bases covered. So, it can be helpful to have a second pair of eyes review your modifications so that your plan matches your current wishes and meets all the necessary requirements. And while it can feel like an added chore to continue to check in on your estate plan, ultimately, it can benefit you and your loved ones when you have an up-to-date plan in place.