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The best time to update an estate plan

| Feb 13, 2020 | Estate Planning |

Knowing when to update an estate plan can be as important as starting an estate plan. Estate planners should be familiar with what circumstances should lead to an estate plan update so they can make sure their estate plan always reflects their most current wishes and circumstances.

Once an estate planner has an estate plan in place, it should be updated as their life changes. An estate plan is not something the estate planner should consider set in stone and never change. One important life change that may require an updated estate plan is if the estate planner moves to another state. Once the estate planner has moved, it is a good idea to check over their estate plan to ensure that it complies with the laws in the new state and is a good time to change or update anything that does not.

Another important change to consider when thinking about estate planning is if the estate planner’s relationships change. Examples include if the estate planner has a child or their marital status changes they should ensure their estate plan is updated to include those changed relationships. In addition, another important time to consider updating an estate plan is if the estate planner’s estate changes. If assets or liabilities, or retirement accounts, change, it is a good time to revisit the estate plan to ensure it is current.

Keeping an estate plan up-to-date is an essential part of ensuring the estate planner has an estate plan that is effective, meets their needs and can provide important peace of mind for the estate planner and family members. There are a variety of circumstances that should prompt the estate planner to revisit their estate plan and it is important for them to know what those circumstances are.