When is it time to take another look at my estate plan?

On Behalf of | Aug 25, 2020 | Estate Planning |

There comes the time in the life of any estate plan to update the estate plan. Updating an estate plan is an important part of the estate planning process. Setting up an estate plan is important but it does not stop there. For that reason, estate planners should have some idea when they should update an estate plan.

There are a variety of important times in the lives of estate planners when they should revisit their estate plan. Some of those times include:

When the estate planner moves

If the estate planner makes a major move, such as a move to another state, they should review their estate plan to ensure it complies with the laws in their current state and is consistent with the requirements of their new state.

When the estate planner’s relationships change

If the estate planner experiences a birth, death, marriage or divorce, they should consider updating their estate plan. As relationships change, different designations in their estate plan should also likely change and it is a good time to ensure the estate plan is accomplishes their current wishes for the distribution of their property and assets.

When the estate planner’s assets or liabilities change

If the estate planner’s assets or liabilities change, because their estate plan is intended to distribute their property and assets, it is a good idea to update the estate plan to account for those changes.

When designations in the will are no longer appropriate

If the estate planner’s designations for executor, guardian or trustee no longer seem appropriate for one reason or another, they should promptly make those updates to their estate plan. They should also make sure they keep their life insurance and retirement account designations up to date for the same purposes.

Regularly reviewing an estate plan is an important part of the estate planning process. Knowing when to do that can be helpful for estate planners wanting to ensure their estate plan is up to date and will accomplishes their wishes.


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