Once you have an estate plan in place, it will need to be revised throughout your lifetime. As you go through life, your needs and goals will change. If you have not yet made revisions to your estate planning, take a look at the following list to learn some of the reasons why a revision may be necessary. If you have any questions, or if youd like to review your estate plan, consult with a qualified estate planning attorney.
It may be time to revise your estate plan if
- Theres been a death in the family
- Youve welcomed a new child into your family
- Youve acquired new assets or have sold significant assets
- Youve purchased new real estate
- Youve started a business
- Youve gotten married or have a new life partner
- Youve gotten divorced or split with a life partner
- Youve changed your mind about property distribution choices
- Youve changed your mind about trusted helper choices or a trusted helper has died
- Youve moved to a new state
- A law changes has impacted your estate plan
If you choose not to update, your current wishes may not be respected. If you havent had your estate plan professionally reviewed in the last 3-5 years or youve experienced one of the above life changes, now is the time to have your plan reviewed and, likely, updated.
Have your attorney walk you through your review so that he or she can detect the changes that need to be made. With an updated estate plan in place, you will be able to have a plan that fully meets your current needs.
If you have any questions, or if youd like to revise your estate plan, consult with a qualified estate planning attorney.