How often should you revise your estate plan?

As most adults know, having an estate plan is one of the most important things they can do to protect their assets and, ultimately, their families.

While most people have estate plans, many fail to revise them, which can hurt them because what they include in their estate plan may not reflect a person’s present circumstances.

Big changes

Have you had a recent change in your life? Perhaps a new spouse, child or grandchild. Sometimes, unfortunately, the death of a loved one. These changes prompt a review of your estate plan to ensure your documents match your circumstances and wishes.

Finances

Any significant financial changes should also prompt a review of your estate plan. Whether you receive an inheritance, have a considerable increase or decrease in income, or buy or sell an asset, these situations should result in having a conversation with your attorney about your estate plan and whether you need to make changes.

Laws

Probate and tax laws can change, and they often do. Attorneys stay up-to-date on these changes, so it is recommended that you work with a skilled estates and trusts attorney to help you review your estate plan for legal compliance.

Regularly revising your estate planning documents, even if there are no changes in your life, is a must that you should prioritize. By remaining proactive and making the changes needed when they happen, you can ensure you are protecting your legacy and beneficiaries.