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When do you need to modify your estate plan?

On Behalf of | Sep 5, 2023 | Firm News |

It can take a lot of courage to get your initial estate plan together, as it requires you to consider your own mortality and what your loved ones’ lives will look like when you’re gone. But even though you breathed a sigh of relief when that plan was first put together, your work on your estate plan doesn’t end there, as you need to revisit your estate plan from time to time to ensure that it meets your needs. But when do you need to do that?

Times for revisiting your estate plan

Although you should periodically revisit your estate plan, there are also some events that should trigger another look and perhaps even modification of your estate plan. This includes:

  • The acquisition of a new asset, especially if that asset is valuable.
  • The birth of a child within your family.
  • Your own divorce or the divorce of a beneficiary.
  • The death of a loved one.
  • A changed relationship with someone who is set to inherit from your estate as your plan is currently written.
  • Relocation to a different state, as each state has its own probate laws that need to be met.

There might be other events that leave you feeling like you need to change your estate plan. In those instances, you should look over your documentation to ensure it continues to suit your needs. If it doesn’t, then modification is warranted.

Do you need help revisiting your estate plan?

If you want to change your estate plan so that it’s more in line with your current wishes, then now is the time to act. Procrastinating will only put you, your loved ones, and your assets at risk. So, if you want to learn more about the estate planning process, then we encourage you to educate yourself about the process and what you can do to protect your interests.