As you’ve worked hard to build a life, raise a family and create a legacy, you’ve likely thought about what’s next. Who will inherit your home, your savings and your possessions? And if you already have an estate plan, does it still reflect your current needs and wishes?
These are some of the questions you might be asking yourself as you gain more assets and experience changes in the family. In this blog, we’ll explore the critical moments in life when it’s crucial to review and revise your estate plan so you can have peace of mind.
Is it time to make changes to your estate plan?
The general recommendation is to review the document at least every three to five years or when a significant life event occurs. These events may include:
- The birth or adoption of a new child or grandchild, or when a child or grandchild becomes an adult
- Marriage, divorce or the illness or disability of your spouse
- Purchasing a home or other significant asset, or borrowing a large amount of money
- Large increases or drops in the value of assets, such as investments
- The death or change in circumstance of a family member, executor or trustee
Reviewing your estate plan regularly and updating it when necessary will help ensure that your beneficiaries receive their benefits with minimal complications. It’s a good idea to consult an attorney for guidance on reviewing and changing your estate plan.
Keep your estate plan updated
Reviewing and updating this plan is essential in protecting your loved ones and legacy in the future. By making adjustments, you can have peace of mind because you know your personal wishes will be carried out even when you’re no longer here.