When is it time to update an estate plan?

| Sep 22, 2020 | Estate planning |

Updating an estate plan can be as important as initially setting one up. There are several different times in the estate planner’s life that they should consider updating their estate plan, in addition to routinely updating an estate plan to ensure it comports with the estate planner’s most current wishes.

A change in the estate planner’s relationships

If the estate planner’s relationships change, it is a good idea to update their estate plan to account for those changes. Changes can include a marriage, divorce, birth or death that the estate planner should update their estate plan to include.

The estate planner moves to another state

If the estate planner moves to another state, they should consider updating their estate plan to ensure it complies with the laws for estate plans in the new state. The requirements for an estate plan can vary by state so they should ensure no changes need to be made or make any if needed.

The estate planner’s assets or liabilities change

If the estate planner’s assets or liabilities change, they should include those changes in their estate plan so it can effectively distribute assets to their beneficiaries when the time comes.

Designations in the estate plan become inappropriate

If certain designations in the estate plan become inappropriate, such as those for an executor, trustee or guardian, the estate planner should update their estate plan with the new designations they wish to have included.

Estate planning in important for a variety of different reasons but becomes less valuable to the estate planner if they do not keep their estate plan updated. In addition to regularly reviewing their estate plan, estate planners should also know about important times they should take a second look at their estate plan.