Just because you have an estate plan doesn’t mean that it’ll hold up over the long run. There will be times when you need to make changes, some big and some small.
Should you ignore the need to review and alter your estate plan, it could negatively affect you, your loved ones, and your estate down the road.
There’s no right or wrong time to review your estate plan. If you feel that it’s necessary, don’t hesitate to take action.
Of course, there are some times when it makes sense to review the terms and conditions with an eye toward making changes for the better.
Here are some times when you need to review your estate plan:
- Marriage or divorce: Both of these are life changing events that impact your estate plan. Review your plan and make changes accordingly. It’s best to do so as soon as possible.
- A family addition: Giving birth to or adopting a child is also a life changing event. It calls for an immediate estate plan review, such as to address who you will name as their guardian.
- The death of a loved one: For example, if your spouse passes away, there’s a good chance that he or she was in line to receive your estate. Now that this is no longer possible, you need to alter your estate plan.
- Financial changes: This comes in many forms, such as an increase in income as the result of selling a business, winning the lottery, or receiving an inheritance.
While these are among the more common times to review your estate plan, it’s just a start. You should do this any time you feel that it’s necessary.
Contact our law firm if you have questions about reviewing your estate plan and making changes.