Setting up an estate plan is something that many adults put off, but they often feel a sense of relief once it’s done. However, you shouldn’t assume that you’ll never have to think about your estate plan again once you create one.
Estate plans should be reviewed if you experience a major life change. At minimum, a plan should be reviewed at least every five years.
What major life events warrant an estate plan review?
You should review your estate plan if you experience family changes, such as a marriage or divorce. If you have children or your minor children turn 18 years old, you should check your estate plan too. The same is true if you have grandchildren who are named in any of the documents.
Reviewing your estate plan is also necessary if you buy, sell or give away any major assets. Any assets you purchase should be added to the estate plan via either a will or a trust. Anything you don’t own any longer should be removed from the estate plan.
You’ll also have to check your estate plan if anyone named within it passes away or is incapacitated. This includes people who you’ve granted power of attorney and the person who will serve as your personal representative and/or your minor child’s guardian.
Knowing that your estate plan is up to date can give you greater peace of mind because you have everything set up for your loved ones. This will give them space to grieve after your death without having to guess what your wishes were. Creating your estate plan and updating it will likely be easier – and more readily enforceable – if you seek the guidance of a skilled legal professional accordingly.