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Is it time for you to update your estate plan?

On Behalf of | Jul 16, 2022 | Estate Planning |

Creating an estate plan is not the end of the process. Maintenance of an estate plan actually takes much more time, considering you have to do this all the way up until your death.

But how do you know when it is time to update your estate plan? Are there certain times that would work best, or legal guidelines that you need to follow?

When to review

Forbes discusses details about updating estate plans. First and foremost: no, there are no official guidelines to follow when it comes to updating an estate plan. This can seem freeing to some. For others, it can make matters more complicated. After all, this means that you have to decide on your own how and when you want to review your estate plan.

Generally speaking, you should at least review it every 3 to 5 years. This gives you a chance to refresh your memory and ensure that everything still holds true to this day as it did all those years ago.

What to focus on

You also want to review your plan any time your life undergoes a major change. This includes changes to your assets and your beneficiaries. Asset changes can include going bankrupt, coming into large sums of money, or transferring assets such as when you buy or sell property.

Your beneficiaries include anyone who will benefit from your estate after your death. This includes anyone in your will, as well as people written into your insurance policies or trusts. These names will change often throughout your life as people come and go.

It is important for your estate plan to reflect your life at its most current moment. Thus, these reviews will help you reach that goal.