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Why should I update my estate plan?

On Behalf of | Dec 18, 2019 | estate administration & probate |

Are you an Indiana resident who already has an estate plan written? While this puts you ahead of the game, it is not where estate administration ends. Your estate plan is a lifelong project that you will have to keep updated and change in accordance with the changes in your life. Today, we will discuss some of these changes and why updates to your plan are important.

Forbes gives a list of a few of the reasons as to why you should consider updating your estate plan. Many of these involve big life changes. But it is important to first note that big life changes are not the only time you should consider editing your plan. In fact, you may want to edit every few years regardless of whether or not big changes happen. Laws in your local area may change, or you may have decided you do not want to handle your estate as you did a few years prior.

When it comes to major life changes, finances and family are the most common. As estate plans largely deal with assets, you want yours to be as accurate as possible. Any time you gain a large sum or lose a lot of money, you will want to update your plan. This can include coming into inheritances, falling into debt, or filing for bankruptcy. As for familial changes, this involves marriage, divorce, adoption or having a child.

If any of these situations apply, it may be time to edit your estate plan. In doing this, you ensure that your loved ones can carry out your most recent wishes.