Why Updating Your Estate Plan Matters
by Rebecca Eyman
It feels great to get your estate plan in place. As uncomfortable or stressful as the process may be, clients often report that once the job is done, they feel like a huge weight has been lifted from their shoulders. So, estate planning is only something you need to worry about once in your life, right? Wrong!
Your estate plan is not a “set it and forget it” document. As your life changes, so should your estate planning strategy. It is crucial to review and update your estate planning documents periodically for many reasons, including:
Life Changes. Major life events like marriage, divorce, births, deaths, and adoptions can significantly impact your estate plan. These changes may require adjustments to beneficiary designations, guardianships, or asset distribution.
Asset Fluctuations. As your financial situation evolves—perhaps you’ve acquired new property, started a business, or experienced significant market gains or losses—your estate plan should reflect these changes to ensure your assets are distributed according to your current wishes.
Law Changes. Tax laws and estate planning regulations frequently change. Staying current ensures that your plan remains effective and takes advantage of any new benefits or protections.
Healthcare Advances. Medical technology and treatments are constantly evolving. Updating your advance healthcare directive ensures it aligns with current medical options and your preferences.
Beneficiary Circumstances. Changes in your beneficiaries’ lives, such as divorce, financial troubles, or health issues, may prompt you to reconsider how your assets are distributed.
Executor or Trustee Changes. The person you initially chose as executor or trustee may no longer be suitable due to age, health, or other factors. Period reviews allow you to make necessary adjustments.
Business Ownership. If you own a business, changes in ownership structure, value, or succession plans should be reflected in your estate planning documents.
We recommend reviewing your estate plan at least every five years, or whenever you experience a significant life event. By keeping your plan up-to-date, you ensure that your wishes are accurately represented and your loved ones are protected.
If it has been a while since you’ve reviewed your estate plan, we’re here to help! Contact our office to schedule an estate planning review and ensure your legacy is secure.
