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When is it time to update your estate plan?

On Behalf of | Nov 10, 2021 | Estate Planning |

You may have started your estate plan many years ago and never touched it since. Maybe you have a few documents in place, like your living will and a trust, or perhaps you have only your will. 

It’s a good idea for you to remember that an estate plan is like a living thing. It may need to grow and change over time, which is why you should take steps to review it during or after major life events and on a regular schedule.

How often do people review their estate plans?

There is no specific requirement that says how often you should review your estate plan, but you may want to do so when:

  • You get married
  • You get divorced
  • You have a child
  • You lose a loved one
  • You develop a serious illness
  • You move to a new state
  • You inherit property
  • You sell property that was in your previous estate plan

These and other situations may make it the right time to adjust or, at the very least, review the estate plan you have in place. 

If nothing changes, do you need to update your estate plan?

While nothing in your life may have changed, the laws may have been changed over time. That’s why it’s a good idea to go back and review your estate plan every few years at a minimum. This is particularly important if you move or leave your state, since state laws vary. Our site has more on estate planning and what you should know as you build an estate plan that will fully protect you and your family.

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