Just how often do you need to review your estate plan?

On Behalf of | Aug 4, 2020 | Uncategorized

Once you design an estate plan with the help of your attorney, you may think that you’ve done all you need to do. This group of documents should be enough to protect you, your estate and your beneficiaries. 

That line of thinking isn’t necessarily correct for everyone, though. Many times, estate plans do need to be updated to reflect changes in law or in your own circumstances.

When you create an estate plan, one thing you’ll want to do is to make sure you set up a schedule for reviewing it. Not everyone will want (or need) to review an estate plan at the same time. You may want to plan for a review with major life changes, though. For example, some common events that may trigger a review of your estate plan may include:

  • Getting married
  • Losing a loved one
  • Getting a divorce
  • Receiving an inheritance
  • Having significant changes in your assets
  • Buying a home
  • Having a child
  • Having a grandchild
  • Wanting to change your executor or health care proxy

Other significant events that occur in your life should also trigger a review. It’s totally normal to have to review your estate plan when these major events happen. You won’t necessarily need to make changes, but it’s always a good idea to read through the plan you’ve set up to make sure it still works for you.

Our website has more information about what to expect as you get older and focus more on leaving behind a legacy for your loved ones. Simple updates and reviews can make a big difference for your estate and keep you up-to-date on what to expect.