How Often Should I Review and Update My Estate Plan Documents?

Life is full of changes, and as your life evolves, so should your estate plan. It is important to know when and why to review and update important documents. This ensures that your wishes are followed and your assets are managed correctly.

As a general rule of thumb, it's wise to review your estate planning documents every five to ten years. However, certain life events warrant an immediate review.

Important Life Events

1. Marriage or Divorce: Changes in marital status can significantly impact how you might want your assets distributed.
2. Birth or Adoption of a Child: Adding a family member is a key time to revisit your estate plan.
3. Death of a Beneficiary or Executor: This requires adjustments to your will and other documents.
4. Significant Changes in Financial Status: Whether it's a substantial increase or decrease in your assets, these changes should be reflected in your estate plan.
5. Relocation to a Different State or Country: Different States and Countries have laws that could affect your estate plan.
6. Changes in Tax Laws: Tax laws can impact various aspects of estate planning, such as inheritances.
7. Health Changes: A decline in health might necessitate changes in your power of attorney or healthcare directives.

Why Do Regular Reviews Matter?

1. Reflecting Current Wishes: What was important to you five years ago might not be now. Regular reviews ensure your estate plan aligns with your current wishes.
2. Protecting Beneficiaries: By updating your plans, you can avoid family disagreements while ensuring your beneficiaries receive the protection and support you desire for them.
3. Legal Compliance: Laws change, and keeping your documents compliant with current legislation is vital.
4. Peace of Mind: Knowing your estate plan is up-to-date provides peace of mind that your affairs are in order.

Regularly reviewing and updating your estate planning documents is essential. Life changes and your estate plan should evolve to match. By keeping these documents current, you can rest assured that your wishes will be honored, and your loved ones will be taken care of according to your precise intentions. Remember, estate planning is a dynamic process that requires periodic attention to remain effective and relevant.

Getting Your Estate Plan Ready

If you would like to get in touch you can contact Walker, Billingsley & Bair, call 641-792-3595, or use our LiveChat feature by clicking here. You can also order our FREE book What Will Happen When I Die?

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