When Should I Update My Estate Plan?

So you go an estate plan set up and executed. Great! But you aren’t done yet. You want to be sure to have that plan reviewed and updated on a regular basis.

The rule of thumb that we use is to have your plan reviewed anytime you or a family member has a major life event.

A few examples may include:

  1. You have a child
  2. A spouse or family member named in your estate plan passes away
  3. A major change in economic status
  4. You get married
  5. You get divorced
  6. You move to a new location
  7. If an important asset is gained
    1. An Example is you buy a vacation house that you want the kids to keep after you pass away
  8. A major change in the law
    1. You may not be aware of the change personally but having an attorney review the plan on a regular basis can relieve any headaches from changes in the law.

It is important for both you, your spouse, financial advisor and attorney all review estate plan documentation to make sure the plan is still what is needed to accomplish your goals.