There are several important times in the life of an estate planner when they should consider updating their estate plan. This is in addition to regularly reviewing their estate plan. Estate planning is in important part of an estate planner’s life which is why an estate plan should be kept current.
If the estate planner’s relationships change
If the estate planner’s relationships change, they should update their estate plan to reflect those changes. If the estate planner gets married or has a child, or adopts a child, they should update their estate plan. Additionally, if the estate planner suffers a loss or a divorce, they should update their estate plan to reflect those changes as well.
If the estate planner moves
If the estate planner moves to another state, they should ensure their estate plan is consistent with the laws in their new state. This can include ensuring their will is valid in their new state because state laws can vary related to will requirements.
If the estate planner’s assets or liabilities change
If the estate planner experiences a change in their assets or liabilities, they should make sure those changes are accounted for in their will because one of the primary purposes of the will and estate plan is to distribute their property and assets.
If designations in the will become outdated
If the designations the estate planner included in their will become inappropriate or outdated, the estate planner should make sure to change them in their will.
Knowing when to update an estate plan is an essential part of the overall estate planning process. Estate planners should be familiar with all of the estate planning tools available to them and the importance of the estate planning process, including when to update an estate plan.
