When should you review your estate plan?

On Behalf of | Oct 19, 2021 | Estate Planning

Once you have completed your estate planning, that does not mean you never have to think about it again. Oftentimes, there are circumstances that call for you to make modifications.

Taking the time to review your estate plan can prevent complications down the road.

Life events

Occasions like the birth or adoption of a child, marriage, death or divorce are commonly considered important times to update your will. However, this list is not all-inclusive. Any change in your family dynamics or personal circumstances presents an opportunity to revisit your estate planning decisions.

It is better to err on the side of caution and make adjustments that suit the present conditions rather than putting it off till a later time. If and when circumstances change again, you can edit your will to reflect them.

Timeframes

Even in the absence of a significant life event, time itself may warrant a change to your will. It is a good idea to review your plan every three to five years. As you age, there is a good chance your preferences and opinions will shift.

What should you be looking for? Consider whether the executor you have named is still the best choice. Ensure the designated beneficiaries in your estate plan match the ones in other documents like your life insurance policy. Note any changes in estate tax and how they may affect your planning.

Revisiting this document at regular intervals can help ensure that your wishes are clear and your loved ones are spared the difficult task of allocating your assets.