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When is it time to update an estate plan?

On Behalf of | Aug 17, 2020 | Trusts, Wills |

There are important life events in the life of every estate planner that should cause them to reexamine their estate plan and update it if needed. Estate planners should be familiar with what types of circumstances should prompt them to ensure their estate plan is current and up-to-date. After all, an estate plan cannot accomplish its purpose if it is outdated.

Good times to consider updating an estate plan

  • If the estate planner’s relationships change – if the estate planner experiences a birth, death, marriage or divorce, it is a good time to review their estate plan and align it with any changes in their relationships.
  • If the estate planner makes a big move – if the estate planner relocates to another state, for instance, they should ensure that their estate plan complies with all the laws in the new state where they are residing.
  • If the estate planner’s assets or liabilities change – because the estate plan is used to distribute the estate planner’s property and assets, any significant change to either should result in an estate plan update.
  • If those named in the estate plan are no longer appropriate – if the executor or a trustee named in the estate plan are no longer who the estate planner wishes to have serve in those roles, the estate plan should be updated to reflect that.

Estate planner should also keep in mind to ensure all life insurance and retirement beneficiary information is kept current.

Guidance may help

An estate plan is there for the estate planner’s peace of mind and the peace of mind of the estate planner’s loved ones. It is also intended to ensure the estate planner’s property and assets are distributed to their beneficiaries according to their wishes. An estate plan cannot accomplish either if it is outdated which is why estate planners should ensure they regularly review their estate plan to ensure it is current.