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When should you update your estate plan?

| Sep 9, 2020 | Estate Planning

Creating an estate plan can help your loved ones to know what you want to happen in your final days if you become incapacitated. It also sets up the distribution of your assets when you pass away. While many people think of estate planning as a one-and-done event, there are times when you need to review the plan to determine if it needs to be modified.

It’s a good idea to review the plan every year or two to ensure that it still reflects your desires. This also gives you the opportunity to check it over for errors or omissions. Besides these regular reviews, you should also go over the plan if any of the following occur.

  • Your assets change, including purchasing, selling or gifting
  • You have a child or grandchild
  • Your children become adults
  • You get married or divorced
  • You move to a new state
  • You change your mind about something in it
  • An heir or beneficiary passes away
  • Someone named as a power of attorney or personal representative can’t do their duties
  • Tax laws change
  • Digital assets change
  • You get a new pet or lose one

Failing to take the time to go over your estate plan when you should could mean that your wishes aren’t followed. Reviewing your estate plan isn’t usually as intensive as creating a new one, so don’t let the work of creating the initial plan deter you from checking it over. Your attorney can help you to make modifications to the estate plan, so you know your loved ones are taken care of after you perish.