When Should You Update Your Estate Plans?
July 20, 2018
You and your spouse worked together to come up with a thoughtful estate plan. It covers all your beneficiaries, includes a medical directive and handles distribution of your assets. You believe you and your spouse have planned for every eventuality, when suddenly, live changes. Maybe you were blessed with a new grandchild, or one of your children got married. Whatever the life event, it seems like your carefully arranged estate plans may now need to change.
Fidelity Investments recommends you review estate plans about every three to five years. If, however, there is a major change in you or your family’s lives, you may also want to revisit your plans. Here are some situations that may mean it is time to change to your estate plans.
Birth of a child or grandchild
Marriage or divorce of a beneficiary
Grandchild or child needs money for college
Bought a new business
Your divorce or remarriage
Death of a beneficiary or spouse
New illness or disability
Purchased a new home or other substantial asset
Significant change in financial standing
Changes in inheritance tax laws
Received large inheritance
Need to change executor or trustee
Life is constantly changing, so it makes sense that your estate plans will need to keep up. If you have recently experienced any of these changes, you might want to reach out to an experienced estate planning attorney. A lawyer can advise you how to adapt your plan to fit your new circumstances.