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When should you review your estate plan?

On Behalf of | Feb 26, 2024 | Firm News

One of the best things about estate planning is that you can always review your plan. You have the option to update it. People sometimes worry about drafting the estate plan too early, but the review process means that this is impossible. It is usually best to start early and then make adjustments as needed.

How do you know when to make those adjustments and updates? You could decide on a schedule to do your reviews, such as doing one every three years. Some people like this because of the consistency and predictability, and it is better than not conducting a review at all. But it does leave the door open for the estate plan to become outdated if something significant happens between reviews. Therefore, it is sometimes better to consider important life events.

What life events would qualify?

Every case is unique, but the following are a few common examples of life events that may warrant a review of your estate plan:

  1. The birth of a child. 
  2. The birth of a grandchild. 
  3. The death of a beneficiary. 
  4. The death of a parent. 
  5. Getting married. 
  6. Getting divorced. 
  7. Getting remarried. 
  8. Significant health changes. 
  9. Selling a business. 
  10. Acquiring a major asset, like an inheritance.

Basically, when there are changes to your family or to your assets, it may be time to review the plan and ensure that it still matches. The same can be true for health issues if you are using a medical power of attorney or other health-related documents. Either way, just make sure you know what steps to take to keep your plan up-to-date.