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When to update an estate plan

| Nov 20, 2020 | Estate Planning

Knowing when to update an estate plan is important information to have. It can help the estate planner keep their estate plan current and rest easy that it will accomplish their wishes when they need it to.

When the estate planner’s relationships change

If the estate planner’s relationships change, it is a good idea to update the estate plan so that it is consistent with those changes. This can include if the estate planner marries or celebrates the birth of a child or adopts a child. It can also include if the estate planner suffers a loss or divorces. Their estate plan should reflect all of those changes.

When the estate planner moves

If the estate planner makes a major move, they should update their estate plan. Different states have different rules and requirements for estate plans, including for wills, so the estate planner should ensure their estate plan meets the requirements for an estate plan in the new state.

When the estate planner’s assets or liabilities change

Estate plans are used to distribute the estate planner’s assets which is why it is important for the estate planner to update their estate plan if their assets or liabilities change.

When designations in the estate plan become outdated

There may be some times or situations when the designations included in an estate plan become outdated. If a trustee, executor or guardian designation becomes outdated, the estate planner should update it in the estate plan.

Maintaining an estate plan is an important part of having an estate plan and the estate planning process. Estate planners should regularly revisit their estate plan to ensure it is consistent with their current wishes and circumstances.