Unlike some of the things that you may associate with becoming a grown-up, making an estate plan is not something you can cross off your to-do list after doing it once. You need to continually revisit your estate plan throughout your life to ensure it is accurate and best serves your and your family’s needs.
Revise your estate plan to reflect significant changes in your life
Here are some of the reasons you may need to amend your estate plan:
- Changes in the family: Births, deaths, marriages and divorces may all affect how you wish to distribute your estate. If you fail to update your estate plan when you divorce, you may inadvertently leave your ex-spouse assets. If you do not add your new child to a current estate plan, you may leave them with nothing.
- Changes in your fortunes: Your estate plan should cover all assets you currently own. As you gain or lose property, you should alter your estate plan to reflect this.
- Changes in laws: Efficient estate planning is only possible with a thorough understanding of relevant legislation. These laws change, and failing to take account of the changes could leave you and your family at a considerable financial disadvantage.
- Changes in residence: Each state will have laws governing wills. Be sure that your will complies with the relevant rules if you move to another state.
Maintaining an accurate and up-to-date estate plan may seem like a chore. Yet, if you do not do so, you will create extra work and stress for your loved ones when you die. Be sure to check your estate plan every few years, as well as updating it after significant life events.