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When should you update your estate plan?

On Behalf of | Apr 30, 2021 | estate administration & probate |

Dealing with matters of the estate can serve as a headache for anyone. From its creation to its maintenance, you end up dedicating a lot of your time and energy to it. Of course, because of this, you want to limit the amount of time you dedicate to updating your plan.

But updates are still necessary. When should you focus on updating and how do you know the time is right for you?

Changes to areas of your life

Forbes discusses timing when it comes to updating your estate plan. First, you should review it any time you come across major life changes that might alter any financial matters, matters related to assets, or anything dealing with beneficiaries and key figures.

Changes to your finances and assets directly impact things like your savings, trust, and will. After all, you cannot give away what you no longer have. You also do not want to leave new items in the lurch with nowhere to go.

As for key figures and beneficiaries, you want to ensure that these remain up to date too. For example, you do not want an ex-spouse still on your will, most likely. You also do not want someone you no longer see eye-to-eye with acting as your healthcare proxy. These people should remain trusted figures and loved ones, so you want to accommodate for new additions and remove those who are no longer in your life.

Regular reviews every few years

But what if you are not facing major life changes? In these cases, you should simply review your plan every 3 or so years. This allows you to refresh your memory about the general details and see if there is anything you need to take a closer look at.