Creating an estate plan is a critical part of life. It ensures you protect what you own and plan for the future. However, many overlook the importance of reviewing and updating their estate plans regularly.
Life changes
One of the most common reasons to update your estate plan is when significant life changes occur, such as when a baby is born, when someone in your will passes away, when you make a substantial purchase or sale, when your finances change or any other significant life change.
Financial changes
Where you stand financially can change over the years. For example, if you get married, your finances may change. You may get a new job or buy a business. Changes in a company you own and fluctuations in the value of things you own are good reasons to review your estate plan regularly.
Legal changes
Changes in laws may prompt a review of an estate plan, whether estate laws or tax laws. These changes can impact how you manage your estate. Being informed about changes in the law is critical, and an attorney with experience in this area can help you remain informed and up-to-date.
General reviews
As a general rule, regardless of whether you experience changes in your life or your finances, it is important to review your estate plan every three years or so to ensure that everything is as you still want it to be.
Keeping an up-to-date estate plan is one of the most important things you can do after creating one. Having an old estate plan that does not reflect your wishes does not do you much good, so staying on top of things and contacting your attorney for regular updates and reviews is vital.
