How often should you revisit your estate plan?

No one wants to spend a lot of time on their estate plan. In fact, finishing the plan tends to be a relief for most people. However, you cannot simply create a will or trust and leave the document forever. Various life events should trigger you to reevaluate your estate plan.

Knowing when to return to your estate plan can help you make the appropriate changes.

Major life changes

Most people’s lives go through various phases and changes. When you first create your estate plan, you may be a parent to young children. As time passes, your children grow older, your relationships may change and the people you appoint to take care of your estate may hold different roles in your life.

Life events that require you to look at your estate plan include:

  • Weddings
  • Deaths in the family
  • Childbirth
  • Divorce

Whenever a significant life event occurs, you may want to review how it affects your current estate plan.

Changes in financial status

Changes in financial status can also trigger a change to your will or trust. If you find yourself climbing the career ladder or making more money, you must include your new assets in the estate plan. Likewise, you may have more benefits, such as life insurance and retirement accounts, to consider as part of the overall plan.

In addition to changes in your life, consider changes in the lives of your beneficiaries, trustees and executors. Try to review your will or trust every few years in case something changes.



FindLaw Network