If you have taken the leap and executed an estate plan, that is great! However, estate planning is not a one-and-done job. There are times when you want to review your estate plan, to ensure it continues to meet your needs.
You have moved
It is not unusual for people to move residence during their lifetime. You may move for a new job or when you get married. Sometimes you move out of state. This is significant. Each state has its own laws regarding estate planning. If you already have an estate plan and then you move to a new state you will want to review your estate plan with a professional, to ensure it complies with state law.
Family dynamics
Families are always evolving. New children or grandchildren are born, people marry, divorce or remarry and sometimes loved ones die. When one of these events occur you will want to review your estate plan. For example, if you divorced you will want to make sure your ex is not listed as an heir or beneficiary on your estate planning documents. If you remarry following death or divorce you may want your new spouse to be your heir and primary beneficiary. And if new children or grandchildren are born you will want to include them in your estate plan as well.
Changes of fiduciaries
Certain documents, such as executor, trustee, healthcare agent and guardian have you name a trustee. It is important to review these designations. Sometimes your chosen fiduciary is no longer able to take on that role. They may have declining health, have passed away, or have had other family changes that make them unsuitable for this role. Even if you named your bank or a law firm as fiduciary, and the business shuts down or transfers to new owners, you will want to make sure that you still want them to serve in this important role.
Update your estate plan
Ultimately, estate planning is an ongoing activity that should be reviewed from time to time. It is important to ensure it meets your needs and the needs of your loved ones. By reviewing your estate plan, you can make sure you make any necessary changes in a timely manner.
