Planning for the future becomes increasingly important as you get older. You want to make sure that your property is taken care of according to your wishes after you pass.
You may already have an estate plan created, but did you know it can be crucial to review and update your estate plan every three years? This keeps your plans up-to-date if something happens.
Here are a few instances when updating your estate plan can be most beneficial:
- You recently got married or divorced. Marital statuses can affect your estate plans; you might want to add your new spouse or remove your ex.
- You moved to a new state. Since every state has specific estate laws, you must review your plan after you move to ensure it follows state regulations.
- You lost or gained family members such as children, grandchildren, or in-laws. You want to leave behind your assets to those you love, and your family has likely changed over the years. Updating your estate plan allows you to add in a new child or remove family members who may have passed away.
- You lost or gained new property such as a house or business. Any assets that you have bought since you last reviewed your estate plan should be included in your update to reflect your current list of properties. This can also include a business you may have started since you created your estate plan; you need to outline the succession of your business, whether that means transferring the business over to a family member or putting it up for sale.
- You want to update your trustee, power of attorney, or executor. These are the various people who help carry out your estate plan wishes after your death. You might want to consider if the people you initially chose to handle your estate plan are still able to do so and update them accordingly.
Waiting to update your estate plan can cause difficulties in the future, such as intestacy or your assets ending up with someone you no longer want to have it. Stay ahead of this by regularly updating your estate plan and feel confident that your wishes are respected.