An estate plan isn’t final because it needs to be occasionally adjusted to changing life experiences.
You have taken the steps to work with an estate planning attorney to create your very own estate plan but the work doesn’t end there because it needs to be updated occasionally, according to the Verde News in “Updating Your Estate Plan: When You Should Review It.”
It is impossible to list all of the possible times your estate plan should be updated.
Plans need to be changed whenever there are significant changes in circumstances. That can include changes in your financial situation, death of an important person in your estate plan, changes in estate law and much more.
Estate planning attorneys suggest that you review and change your plans anytime you experience a substantial change in life circumstances. It is also suggested that you review your estate plan every few years and talk to your estate planning attorney to make sure no laws effecting your plan have changed.
If you already have an estate plan but it has not been recently updated contact your estate planning attorney for guidance.
Reference: Verde News (Oct. 29, 2016) “Updating Your Estate Plan: When You Should Review It.”
