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Comprehensive estate planning must include periodic reviews

Once you get your estate plan together, you might think that you can file it away and forget about it. This isn't the case at all. You will need to review the estate plan periodically to ensure that it accurately reflects your family and financial situations.

There are many times in your life when you should review the contents of your estate plan. We can help you to find out what if any updates need to be made to your estate plan when important life changes occur.

You should review your estate plan at least once per year, even if nothing in your life has changed significantly. You can make sure that you still feel the same about the medical preferences outlined in your living will. Think about whether your designees for powers of attorney are still able to do the job. Consider if you still want your assets to be divvied up in the way outlined in the plan.

You should also review your estate when you have any major life change. These changes are anything that impact what your assets are worth, the individuals who are named as heirs or how you want things divided. Some examples of when you need to review your estate plan include:

  • Having children
  • Getting married or remarried
  • Children transitioning to adulthood
  • Obtaining or selling considerable assets
  • Having grandchildren
  • Learning that an heir died
  • Changing your wishes about the estate
  • Getting a divorce

We can help you to address the updates and changes that you might need to make to your estate plan. Just don't wait too long to review and update it, since you never know what is going to happen.

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