Your estate plan is a vital piece of your end-of-life planning. But you should have your estate plan in place long, long before you actually need it. Not only that, but you should update it regularly so you can ensure it reflects your life in its most current state.
But how do you know when it is time to review your estate plan?
No recent changes
Forbes examines reasons to update your estate plan. First, what do you do if nothing has changed recently in your life? If this is the case, you only have to take a look at your plan every three or so years, according to expert estimates. You do not need to look at every part of the plan, either. Experts suggest focusing on the most important parts, such as your will or beneficiaries.
Changes to assets or beneficiaries
But if you do face significant changes in certain areas of life, this is where your attention needs to go. For example, what if you come into a large sum of money? Or what if you fall into debt and lose property in the liquidation process? You want your estate plan to reflect any of these potential changes.
Likewise, act immediately if you have any changes to your beneficiaries or key figures. These people tend to change a lot due to the fluid nature of interpersonal relationships. For example, you may need to remove an ex-spouse or add a child. You may simply fall out of contact with some people, or a loved one may die. You want your plan to reflect all of these changes so your loved ones do not have to figure it out for themselves after your death.