Having a solid estate plan in place is a step in the right direction. However, changes in your circumstances may need you to relook at the strategies you have in place – and every estate plan needs to be reviewed from time to time.
Generally, it is recommended to review your estate plans once every year. However, any drastic variations in your life or existing laws that may affect your plans are reason enough to act sooner. Here are a few instances that may instigate a revision of your current estate plans:
Changes in your family composition
In the event of death, divorce, or a new addition to the family, you might want to revisit your estate plan and include the recent changes. You may also want to exclude some members for various reasons, hence the need for a revision.
Changes in the executor or trustee
If your trustee or executor is not in a position to play that role or wishes to relieve themselves of the duty, you will need to replace them. These are the people meant to implement your last wishes as per your will or trust, and it is necessary to get the right people for the job.
Relocation to a different state
Every state has different rules which may affect aspects of your estate plans, such as powers of attorney or medical directives. Therefore, it is advisable to update your estate planning documents to align with the laws of your current state.
Avoid unnecessary estate battles
By regularly reviewing your estate plans, you can prevent several potential estate battles that could arise from an outdated plan. In the best interest of your beneficiaries, it is essential to regularly review your plans and ensure they are in line with both the law and your wishes.
