Are you a Delaware resident who already created an estate plan? If so, you are ahead of the curve. But you cannot create an estate plan and leave it untouched. Your estate plan should change as your life changes. It should reflect your current desires and state of living so it is accurate when you pass.
There are many times when experts suggest you update your estate plan. They often coincide with big life changes. But you should note that you can update your estate plan whenever you feel like it. You do not need to have a reason or wait for a specific time to do so.
If you do want to wait for a specific time, wait until you go through a significant life change. Examples of life changes that result in updating estate plans may include:
- A big move
- Changes to the family dynamic
- Financial changes
- Changes to local law, tax law in particular
Any of these changes may impact how you want to divide your assets. For example, if you divorce, you likely do not want your ex-spouse to have anything. If you marry, you may want your significant other to receive things. Others affect the assets you have to divide. Changing your plan ensures it reflects your current wishes.
Do you want to read more about estate planning? Are you curious about when to update your estate plan? Do you have other questions related to the topic? If so, take a look at our web page. We have linked the page on estate planning. You can peruse through the topics and look at information about changing and managing your plan.