There are many reasons to review and change your estate plan
When you create an estate plan, you hope that every decision you make will remain relevant for the rest of your life.
Unfortunately, there are times when you need to review and change your estate plan. Although this may disappoint you, it’s good to know that the changes you make will give you peace of mind.
Here are some of the many reasons to review and change your estate plan:
— You have gone through a divorce. At this point, you need to review your estate plan to ensure that you are okay with who will receive your assets upon your death. You may not want to leave everything (or anything) to your former spouse.
— You were recently married. Now that you have a spouse, you want to review your estate plan to ensure that it aligns with your future goals.
— You need to change the guardian or trustee. For example, the guardian you initially chose for your minor children may not make the most sense at this time. You don’t want to put this off another day.
— A major change in the value of your estate. This can be a good thing or bad thing. On one side, you may have added great value to your estate, such as through the sale of a business. Conversely, your estate may have lost value for some reason.
Along with the above, you should make it a habit to review your estate plan every two or three years. If you’re lucky, you’ll never need to make a change. Even if you don’t, it’s good to review what you have in place to ensure that it still suits your every want and need.
Final tip: Don’t take on this process alone. With the help of an estate planning attorney, you can better understand what to change and what to leave the same. Furthermore, if you do need to make a change, you can rely on this person to provide you with guidance.
There are not many things in your life more important than your estate plan, so make sure this is in good order at all times. This will allow you to feel better about the present and the future.