An estate plan is essential for ensuring that your property and assets are distributed according to your wishes in the event of your death. However, it’s not something you can do once and forget about it.
There are multiple reasons why you might need to update your estate plan.
Life is always changing
It’s important to review your estate plan periodically to make sure it still reflects your wishes. Here are some key reasons to update your estate plan:
- You’ve had a major life event. Births, deaths, marriages, and divorces are all major life events that can impact your estate plan.
- You’ve had a change in assets such as buying a new home, selling property, or inheriting money. Make sure that your will or trust reflects your current asset situation.
- You’ve moved to a new state. Estate planning laws vary from state to state, so it’s important to make sure that your legal documents comply with the laws of your new state of residence.
- It’s been a while since you’ve reviewed your estate plan.
Even if nothing has changed in your life, it’s still a good idea to review everything on a regular basis.
Once you have determined what changes need to be made, you will need to update your will, trusts, and other documents accordingly. You may also need to update your beneficiary designations on life insurance policies and retirement accounts.
By taking these steps, you can be confident that your estate plan will reflect your current wishes and provide for those you love in the event of your death.