Is it time to review your estate plan?

On Behalf of | Jul 17, 2021 | Uncategorized |

Creating your estate plan is just one step in the management of your estate. Unfortunately, you still need frequent updates and reviews to ensure maximum efficiency.

Before all else, you must understand when it is time to launch a review. Fortunately, you can utilize an easy set of tips to determine what time will provide you with the maximum benefit.

Have you reviewed it at all?

Forbes takes a look at how and when you ought to work on reviewing your estate plan. First, if you have not updated your plan since you created it, consider penciling in an immediate review. You may feel as though nothing substantial has changed in recent years, but it is easy to forget the fine details as months go by. Rather than risk the prominence of an outdated plan after your death, it is best to simply refresh your memory and ensure there is no misalignment with your desires.

Next, if nothing has changed in your life, you just want to do a general review once every three or so years. This does not need to be a completely in-depth review. You can focus on key aspects such as your will, trust or beneficiaries.

Reviews after major life changes

If you face major changes in any of those categories, you also want to launch a review. Consider doing this even if your last review was somewhat recent because you want to update your plan to reflect these recent changes. Keeping on top of your estate plan in such a way is the only way to ensure everything goes as you wish after your death.