Your estate plan needs to match your current life situation. As your life changes, so should your estate plan. Regular updates keep your wishes clear and your loved ones protected.
What is an estate plan review?
An estate plan review checks your current legal documents. These include your will, trusts, power of attorney and healthcare directives. This keeps your plan fresh and valid under today’s laws.
When to update your estate plan
Most people should look at their estate plan every three to five years. But some life events call for quick action. Here are key times to review your plan:
Life milestones:
- Getting married or divorced
- Having or adopting children
- Moving to a new state
- Death of a family member
- Changes in your health
Money matters:
- Buying or selling considerable assets
- Starting or closing a business
- Getting an inheritance
- Major changes in wealth
- New investment accounts
Legal changes:
- New tax laws
- Updated state rules
- Changed estate tax limits
Your plan might also need updates when:
- Your kids become adults.
- You change your mind about heirs.
- Your chosen guardians can’t serve anymore.
- You want to add or remove beneficiaries.
Old estate plans can lead to family fights and extra taxes. Minor updates now prevent big problems later. Consider estate plan reviews like regular car maintenance. They keep everything running smoothly.
A local estate planning lawyer can spot issues you might miss. They know the latest laws and can suggest the best ways to protect your wishes. Call one today to ensure your plan still works for you and your family.