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When should you review your estate plan?

On Behalf of | Aug 16, 2021 | Estate Planning |

Many adults don’t want to have to sit down to create their estate plan, but they might do it just so they can have everything in order when they pass away. What they might not realize is that they’ll have to review the plan periodically.

Even if you don’t have any major changes in your life or situation, you should review your estate plan every three to five years. You should also check it if you have changes that are significant in your life.

What is a major change?

There are several situations that require you to review your estate plan. If any of these apply, be sure that you go over it as soon as possible so that you can change anything that doesn’t accurately reflect your current wishes.

  • You get married or divorced
  • You have children or adopt
  • Your children become adults
  • Someone in your current plan passes away
  • You acquire new assets
  • You get rid of any assets
  • Any asset appreciates or depreciates considerably
  • You need to change designations in your estate plan

You should also review things when you retire if you have retirement plans. When you review your estate plan, look at any financial accounts that have a payable on death designation so you can be sure that the account will still go to the person you intend.

Ensuring that your estate plan is up-to-date can give you peace of mind. Remember that your estate plan is the only way that you can convey your wishes to the loved ones you leave behind. Be sure that it’s legally binding so your loved ones don’t have anything to worry about.

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