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When should you review your estate plan?

On Behalf of | Mar 26, 2021 | Estate Planning |

After you create your estate plan, you should not just sit on the finished plan. Your plan should constantly reflect your most current life circumstances. This means you should review it somewhat frequently and update it when necessary.

But how do you know when to review your estate plan? Is there a set schedule you need to follow? Do you have to worry about legal deadlines?

Regular reviews and major life changes

Forbes points out which times in your life might require an estate plan update. The good news is, you do not need to worry about any sort of deadlines. There are no laws that dictate when or how often you should review your estate plan. Experts do suggest that you give it a look every three or so years, though. This allows you to refresh your memory about what you wrote and ensure it is still true to your current life.

Finances and people

Outside of that, you want to review and update your plan any time you face a major life change. Two primary categories involve finances and people. For finances, you want to review if you come into substantial assets or lose a large amount. Examples can include gaining inheritance or falling into debt. You also want to note any major shifts in forms of assets, like selling property.

For people, you want to review and change your plan after any alterations to beneficiaries or key figures. You may lose some through death, estrangement or divorce. You may gain others through marriage, birth or adoption. Make sure your loved ones get what you want them to have and that people no longer in your life stay out of it after your death.

You can review the rest of your plan at your leisure. But for these factors, you should pay extra mind and give extra care.