WHEN SHOULD I CONSIDER UPDATING MY ESTATE PLAN?
Estate planning helps you prepare for what is ahead. But it’s also an ongoing process. You may need to update your estate plan to reflect the changes that have taken place in your life since you put your signature on your plan.
MILESTONES IN LIFE
Certain benchmarks should merit the estate planner reviewing their estate plan. These can include all the major milestones in life. If you were married or had a child since the last time you reviewed your estate plan, now is a good time to revisit the plan. It may also be time to revisit a plan after sad life events such as a death or divorce. Another time to update an estate plan is after you have acquired a major asset such as a home, or taken on a major debt.
It’s a good idea to review an estate plan after you move to a new state, as the applicable laws in the two states may not be exactly the same.
The changes may apply to people other than yourself, as well. For instance, you may need to update a designation such as an executor, trustee or guardian. You may also want to update your plan after you or a member of your family develops a serious health condition due to illness or injury.
Estate plans handle distribution of your estate after you pass on, help your family manage your affairs should you become incapacitated and can be used to address other concerns as well, both during your life and afterwards. Estate planning attorneys can help you understand your options.