When should I update my estate plan?

When should I update my estate plan?

| Jun 26, 2020 | Estate Planning |

Estate planning is important but so is remembering to update an estate plan when needed. Estate planning tools offer resources to help estate planners update their estate plan so that it keeps up with the changes in their lives.

Estate planning can provide a lot of peace of mind for estate planners and their families but to be as effective as possible, and estate plan should be routinely updated and kept current to reflect the wishes of the estate planner. There are several times in an estate planner’s life when they should ensure they update their estate plan to reflect the life change. One of the most important times to update an estate plan is if the estate planner’s assets or liabilities change because their estate plan should reflect those changes.

In addition, there are several other important times in an estate planner’s life when they should update their estate plan. Estate planners should revisit their estate plan if the relationships in their life changes such as a birth, death, marriage or divorce. They should also ensure that their beneficiary designations on their retirement accounts and insurance policies are not out-of-date. Of additional importance is updating any executor or trustee designations that no longer makes sense or seems inappropriate.

Updating an estate plan is an important part of the estate planning process to ensure estate planners and their families enjoy all the benefits an estate plan can provide. Estate planning tools are designed to accomplish the unique goals of the estate planner, and to meet their unique needs, which is why an estate plan should be kept current with those evolving goals and needs.