When you think about the last time you looked at your estate plan, when was it? Was it when you first created it? Did you update it or review it since then?
It’s a good idea to take a look at your estate plan, even if you don’t need to change it, when you go through major life events. Some common times when people go over their estate plans include when they:
- Get married
- Lose a loved one, like a parent, sibling or child
- Get a divorce
It’s also wise to look over your estate plan every few years, though you and your attorney can discuss how often it’s necessary to do so based on your specific plans.
Why would you want to adjust your estate plan?
It can be smart to adjust your estate plan if you’re getting older and want to add in to it. It can also be wise to do so if the state’s laws have changed or if you’ve moved to a new state.
Here’s an example. If you find out that you have a deteriorating health condition, you may want to add a health care power of attorney to your estate plan if you don’t already have one. You may also want to update the person who will take on that role if the person you originally assigned is no longer friends with you, lives too far away or is no longer living.
Estate plans should be flexible and adjust over time. While your plan may be solid today, it could need adjustments in just a few years, depending on what happens in that time.