Estate planning is an ongoing process to ensure that your wishes get documented and carried out as intended. Without revisions, your plan may not accurately represent your current situation.
When certain changes occur, it is important to review and update your estate plan to avoid possible disputes or confusion.
Life changes
Major life events such as marriage, divorce, birth or death in the family can impact your estate plan. By making updates, you can ensure that your plan reflects your present family situation.
Changing laws
Tax laws and regulations governing estates can change over time. Regular updates can help you take advantage of new opportunities or protect your assets from potential tax implications.
Asset changes
As your financial situation evolves, so should your plan. Whether you acquire new assets, sell existing ones or experience changes in their value, amending your estate plan ensures that your assets get distributed according to your intentions.
Health changes
Your health status may change over time, affecting your ability to make decisions or manage your affairs. Provisions for healthcare directives or appointing someone to make medical decisions on your behalf should also be a part of your updates.
Beneficiary changes
As life unfolds, relationships with beneficiaries may shift due to life events such as marriage, divorce or changes in financial situations. These changes can impact who you want to include or exclude from your estate plan.
Executor and trustee updates
It may also be necessary to review and update the individuals named as executors or trustees of your estate. Circumstances and relationships can change, so you need to make sure you have trusted individuals capable of fulfilling these roles.
Regular review and updates are key to maintaining an effective estate plan that aligns with your values and goals.
