There are two different ways to address updating an estate plan. First and foremost, people will do it on a set schedule. For instance, maybe you will take a look at your plan every three years to see what needs to be changed.
It is important to understand that you can change or update an estate plan. Many people put off making their plan because they don’t think it will really reflect the reality that they’ll face closer to the end of their life. And that may be true, but you can always update the plan as you get older to make sure that it still works for you and your family. Doing this on a set schedule ensures that you won’t forget it.
Specific life events
The other way to address estate planning is to make updates after certain life events. Even if you don’t have a set schedule, when one of these things occurs, you know that it’s time to change your plan. Examples include:
- Having a child
- Getting married
- Getting divorced
- The birth of a grandchild
- Selling a business
- Purchasing a major asset
- Selling a family home
- Buying a life insurance policy
- Being diagnosed with a disability
- Changes to local laws
- Getting an inheritance
Additionally, you may want to consider other people who are mentioned in your estate plan. For example, maybe you chose a guardian for your child. But if that person has health complications or moves away, you may need to choose someone else.
At the end of the day, just remember that you can update your estate plan and that it’s important to do so from time to time. Make sure you consider all of the legal steps you need to take.