Life moves fast, and your estate plan should keep up. Think about all the changes you’ve seen in the last few years – marriages, divorces, new babies or even a big move. Each of these events can shake up your carefully laid plans.
We’re here to guide you on when to update your estate plan, ensuring you stay on top of these crucial details. Read on to discover the critical signs that it’s time to revisit your will, trusts and other important papers. Your future self and loved ones will appreciate you staying on top of these crucial details.
When to make changes to your estate plan
Keeping your estate plan up-to-date is crucial for protecting your legacy. Many people review their plans regularly, often as part of their overall financial check-up.
For estate planning, experts suggest looking it over at least every three to five years or when significant life changes happen. Life events that should trigger an evaluation include:
- Changes in the family: This includes new family members, children coming of age, deaths, changes in guardianship or custody and marriage or divorce.
- Changes in your assets: This covers updates in your insurance coverage, big purchases or loans or receiving a large inheritance or gift.
- Law updates: Changes in tax laws that impact your finances.
Regular updates and reviews after major life events help ensure your wishes are followed. This way, your executor can distribute your assets as intended, and your beneficiaries receive their inheritances smoothly.
Protecting your assets and legacy
Estate planning is an ongoing process that requires regular updates to reflect your changing circumstances and goals. By staying proactive and seeking professional guidance when needed, you can face the future confidently, knowing that your estate plan reflects your current wants and needs.
