A general rule is to review your estate plan every five years (depending on your situation). After all, you want to ensure everything is updated and accurate to help your beneficiaries avoid asset garnishment or excessive taxing.
However, there are other times that dictate you make changes to your estate plan right away. Any type of major life change requires you to review your documents and revise certain things. Some of the situations when an estate plan update is needed can be found here.
You get married
Getting married means your bringing someone new into your life. They will be your partner in everything, which means you need to add them to your estate plan. This ensures they are accounted for when you pass away.
You have children or a special needs dependent
Children and adults with special needs will require care after you pass. It’s up to you to leave special or financial directives in your estate plan to ensure this is taken care of. As a parent or guardian, you also need to set up the child’s inheritance.
You receive a large inheritance or windfall
If you receive an inheritance, you will want to account for it in your will and other estate plan documents. Make sure to update who will receive these assets when you pass and how they will be handled.
Keeping your estate plan updated and accurate
As you can see from the information above, there are several events and times in your life when updating your estate plan will be necessary. Be sure to keep the information here in mind, which is going to help you safeguard your assets and ensure your wishes are known when you pass away.
