Is it time to review your estate plan?

When creating your estate plan, you should plan in advance for the day when you will need to revisit it. Matters of the estate constantly evolve along with the changes in your life, which means you should always have an idea of when to look your plan over.

This means deciding on when you should review your estate plan over the years. While you do not need to take this action annually, it should not remain a rare occurrence, either.

Three-year review plan

Forbes takes a look at your pending review for your estate plan. If you want to know the general average time that people do their reviews, experts often suggest you do this once every three years. This gives you the chance to look back over what you wrote before and make sure you remember everything you put down, along with double-checking whether or not it still applies to your life.

You do not need to carry out a full and comprehensive review every three-year interval, either. Instead, focus on the major areas of change. This includes your assets and beneficiaries in particular, as these are the areas most likely to undergo change over time.

Reviewing with major changes

Likewise, any time a major change happens in your life, you should review that particular relevant area of your plan. For example, if you welcome a new child into your home, you will likely want to designate them as a future beneficiary or add them to a trust or life insurance plan.

Conducting these reviews can sometimes still end up causing confusion, though. If you find yourself struggling, consider contacting legal help.



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