Once you create an estate plan, you’ll feel like the weight of the world has been lifted from your shoulders. There’s nothing better than knowing that all your affairs are in order.
However, don’t assume that the estate plan you create today can remain untouched for the rest of your life. It’s important to review and update your estate plan as necessary, as neglecting to do so could put you and/or your family in a difficult position.
Here are some of the times it makes sense to update your estate plan:
- If someone you named in your estate plan is no longer living
- If you need to add someone in your will, such as a newborn child
- If you go through a divorce
- If you get married
- If there are new state and/or federal laws that impact your estate plan
- If you want to change your trustee, personal representative or guardian for minor children
- If your financial situation has greatly changed, such as by acquiring a valuable asset
Along with the reasons above, the passing of time is more than enough to review and update your estate plan. You may be surprised to find that the estate plan you originally created no longer aligns with your goals.
Estate planning isn’t the most exciting thing you can do, but it’s one of the most important. With a comprehensive estate plan in place, you and your loved ones will have the peace of mind you deserve. You never have to worry about an outdated condition or neglecting to make an important choice.