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Is it time to review your estate plan?

| Jan 26, 2021 | Estate Planning |

Creating your estate plan is just one step in your end of life planning. After its creation, you must maintain it. After all, your estate plan must accurately reflect your current life circumstances.

But how often should you review your estate plan? Are there any particular times you should prioritize looking at it? Are there any deadlines you should be aware of?

Optimizing your review

Forbes discusses the importance of reviewing your estate plan. First, experts suggest you review at least the crucial parts of your plan every three years. Note that there are no laws that dictate how often you must review or update your plan. It is simply to your benefit to make sure it reflects your life as it currently is.

The most crucial parts of your plan can vary from person to person. But they generally refer to and contain:

  • Your will
  • Your list of beneficiaries
  • Your trust
  • Your power of attorney
  • Your healthcare proxy

Focusing on family and finances

You also want to focus on anything that involves your finances or familial ties. Experts often suggest you review and edit your estate plan when you face major changes in these areas. For example, you do not want an ex-spouse getting any of your assets. You also do not want a new spouse left out of your will.

Likewise, the exact amount of assets you own is crucial when it comes to distributing your estate amongst your beneficiaries. If you come into money or go into debt, you must record it in your estate plan.

Keeping on top of all this can feel like an enormous task at times. This is why it can help to have the aid of a legal expert on your side.