If you have done the responsible thing and created an estate plan, you may think your set and that the planning process is complete. However, no matter what age you were at the time of creating the estate plan, things in your life will likely change from time to time.
Because of this, estate plans aren’t “set-it-and-forget-it” tools. Most experts recommend you review and make changes to your existing estate plan every three to five years or after any significant life change.
Life changes that require estate plan updates
Along with reviewing your established estate plan every three to five years, certain life changes may also require updates. Some of the most common life changes that will likely require an estate plan update include:
- You get married
- You get divorced
- You have children
- You experience changes to your tax situation
- You want to change your named beneficiaries
- You plan to open a business
- You are retiring
- You have a significant health diagnosis
If you aren’t sure if your life change or situation requires an update to your, talk to your estate planning professional. They can let you know for sure if any changes are needed.
Updating your estate plan doesn’t have to be difficult
If you are younger, you may think it’s too early to create an estate plan, much less make changes to it. However, this isn’t the case. An estate plan that’s updated regularly will help you protect yourself and others in your life if you are injured or pass away unexpectedly.
While creating an estate plan can take some time, updating it isn’t difficult. In fact, it’s a fairly easy process that a legal professional can help you with at any point.