How to know when it is time to update and estate plan

| Jan 11, 2021 | Estate Planning |

This blog has discussed the importance of having a comprehensive estate plan and knowing what to include in it. Also important is knowing when it is time to update an estate plan.

When the estate planner’s assets or liabilities change

Because one of the primary purposes of an estate plan is to distribute the estate planner’s assets and property, if their estate changes, such as their assets or liabilities, the estate plan should be updated to include those changes.

When the estate planner’s relationships change

Because an estate plan is used to distribute the estate planner’s assets and property to their beneficiaries, if the estate planner’s relationships change, their estate plan should be updated. Estate plans can also be used to appoint guardians and provide for family members in other ways. If the estate planner experiences a birth, death, marriage or divorce, they should update their estate plan.

When the designations in the estate plan change

Sometimes designations in the estate plan become no longer appropriate. Estate planners should update their estate plan if a named guardian, executor or trustee should be updated.

When the estate planner moves

Estate plans need to be compliant in the estate planner’s state so if they change states, the estate planner should ensure their estate plan complies with the estate planning laws in their new state.

Estate planning is important for everyone and that includes from developing and effective estate plan to updating it and ensuring it remains current and in accordance with the estate planner’s wishes. Because of the importance of estate planning for the peace of mind of the estate planner and their family, estate planners need to know when to update and estate plan.