When to review your estate plan

Estate planning is not something you can do once and then put it away to never think of again. Your circumstances, needs, wishes, and goals will change throughout your life. The circumstances of your beneficiaries will change over time.  Your relationships with those you have asked to serve will change over time.  A good Will should reflect your current circumstances while accounting for some foreseeable future circumstances. But it is impossible to predict all of life’s surprises.

We recommend reviewing your documents yourself every year at home and doing a formal review with a lawyer every four to five years. You should consider any changes in your life, changes in the lives of your beneficiaries, and changes in the lives of those you have asked to serve.

Certain events should prompt a review no matter how much time has passed.

Some examples are marriage, divorce, an increase in assets, changes in your children’s legal status or lifestyles, and the death of a person named in your Will as Executor or Agent.

Changes to relevant laws (tax, estates, trusts, family, property, etc.) may also make updates desirable. If you have any questions about your personal circumstances, please feel free to reach out to us at any time!

Disclaimer: The information provided in this blog post is for general purposes only and must not be considered legal advice. For specific legal advice, please consult an attorney directly.