All adults should create an estate plan, but contrary to popular belief, it is not a one-time deal.
As your life changes, you must update your estate plan to reflect your life circumstances. Below, we discuss some of the most critical times when you should take another look at your documents.
Life changes
If there is one constant in life, it is change. Whether you marry, get divorced, have a child or a grandchild, or go through the death of a loved one, these events all trigger the need to review your estate plan and make sure it reflects your current wishes and preferences.
Finances
If you receive an inheritance, buy or sell a significant asset, or get involved in a business, you should have a conversation with your attorney about reviewing your estate plan so you can protect your assets and your family.
Legal changes
The law changes all the time, whether it is probate or tax law, which could impact your estate planning. Reviewing your documents every three to five years, even if you do not have significant changes in your life that prompt you to do so, is a good idea to ensure you comply with the law.
Updating your estate planning documents is not a one-time thing you do. It is an ongoing process that reflects what is going on in your life. Make sure you keep this in mind so your wishes are honored and your family is protected.