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When should you review your estate plan?

On Behalf of | May 10, 2021 | Estate Planning |

After creating your estate plan, it is likely a load off of your shoulders. But unfortunately, managing your estate does not end with the creation of this plan. In fact, you must stay on top of updating it indefinitely.

In order to update your plan, you need to do an occasional review of it to see what areas have changed and in what ways you need to tweak them. But just how often should you do this?

Finances

Forbes discusses reasons to update your estate plan. They often tie to finances or changes among the people you list in the plan. For example, what if you come into a huge sum of money through inheritance, the lottery or other means? What if instead, you end up falling into debt and losing a number of assets you previously promised others? If that happens, you want your estate plan to reflect the changes.

Loved ones and beneficiaries

The same goes for the people mentioned in your plan. What happens if a loved one passes away? What happens if you get a divorce from your current spouse, or remarry? What if you adopt or give birth to a child? What if a relative or loved one simply grows estranged for whatever reason? You want to ensure that the right people inherit your assets, and that you remove the people you do not want involved.

No big life changes

But if there are no significant changes in your life, what should you do? In this case, it is fine to do a quick at-a-glance review once every three or so years. This can help you refresh your memory without you having to delve deeply into the nitty gritty details of the plan when you do not need to.

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