When Should I Review My Estate Plan?
If you have a will, chances are you haven’t read it or thought about it much since the day you signed it.
But what if it’s outdated and no longer fits your needs?
The best way to make sure that your estate plan still works for you is to review it regularly.
Most financial planning experts recommend reviewing your will at least annually, and definitely after you have any major life change, such as:
- marriage or divorce (yours or a loved one/heir);
- death, illness, or incapacity of a spouse, child, other relative, or close friend (someone you may have given property to in your will or named as a trustee, executor, or guardian);
- if you become seriously ill and/or need long-term care;
- a change in your financial situation or investments;
- if you acquire new property or assets or sell property or assets;
- if you start a new business or close a business;
- if you move to a different state;
- the birth or adoption of a child;
- when your child reaches the age of majority;
- if there is a change in tax laws.
When you review your will you should also review your other estate planning documents, such as powers of attorney and advance directives for health care.
After you review your will you can speak with an estate planning attorney about how to make any changes that may be necessary.
What if you read through your will and aren’t sure whether it needs to be changed? An attorney can review it and help you figure out whether it still works for you.