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Specific times that you need to update your estate plan

On Behalf of | Mar 8, 2023 | Estate Planning |

It’s wise to update your estate plan. It’s not the type of thing that you can just do and forget. This is especially true because it’s usually a good idea to make an estate plan early. Your family may not actually have to use the plan for decades, but you want to make it early so that it’s there if anything unexpected was to occur.

When should you update it? Some people will choose a set schedule and simply come in every year to see if they need to make any changes. This is an easy way to do it, but it can overlook key changes in your life. As a result, you want to look at specific life events that may also mean you need to reassess your plan.

Major changes and assets

One example of this could be if your assets change significantly. Maybe you have recently acquired substantial assets through inheritance or the sale of a business. Perhaps you have sold a vacation home that was originally going to be left to your children. You don’t need to update your plan for every single piece of property that you buy or sell, but major things like real estate or automobiles may necessitate that update.

Changes within the family

You also simply want to look at changes in your family and how that can impact who you’re going to leave your money and other assets to. Maybe you got divorced, or perhaps you got remarried. Maybe one of your children passed away before you did. Or, perhaps your first grandchild was recently born. Whether your family has expanded or shrunk, you need to add and remove beneficiaries to reflect these changes.

Estate planning is a critical part of setting things up so that the future will go smoothly for your family. You need to know about all of the options you have and how you can create an appropriate plan