Do you know when to review your estate plan? | Hines & Maxwell, PLLC
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Do you know when to review your estate plan?

Are you of the belief that your estate plan should remain the same from now until the day you pass on?

While you may never need to make changes to your estate plan, there are times when you should review it to ensure that it still makes sense for your current situation and goals.

Before we discuss some of the many times it is important to review your estate plan, remember this: The passage of time is reason enough to take a closer look at your plan, with the idea of making changes for the better. So, get into the habit of reviewing your estate plan at least one time every two to three years.

Here are a few other situations that should lead you to review your estate plan:

  • The person or people you named as beneficiary are no longer living (such as if your spouse passes on before you)
  • Divorce or marriage
  • Bringing a child into the world (or adoption)
  • New state or federal laws impacting estate planning
  • The need to change your personal representative, trustee or guardian of minor children
  • If a child reaches the age of 18
  • If you have a substantial decrease or increase in assets (such as receiving an inheritance or winning the lottery)
  • The purchase of a significant asset

Don't be surprised if you run into one or more of these situations more often than you expect. For example, you could find yourself tying the knot this year and bringing a child into the world next year.

It's not always easy to create an estate plan the first time. Just the same, it can be a struggle to revisit your plan every now and again.

Despite the fact that this will force you to think about the future, which can be a challenge, it's the responsible thing to do.

Once you get into the habit of regularly reviewing your estate plan, everything will come together. This will help you feel better about the present and the future, both in regard to your personal finances and the well-being of your loved ones.

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