Estate planning provides some of the most basic protections and peace of mind for anybody at any stage of life. It is important to not only have an estate plan that reflects your wishes but to also know when to update your estate plan to make sure it is in keeping with your wishes if they change as circumstances change.
To begin with, it is a good idea to update your estate plan whenever life circumstances change such as a change in the estate planner’s relationships. This could include the birth of a new baby or a marriage or a divorce. The estate planner’s estate plan should take those changes into account so it is important to update the estate plan to reflect them. In addition, if the estate planner has made a major move and moved out of state, it is also a good idea to check to make sure the estate plan complies with the laws in that state.
Additional circumstances that may warrant an update to the estate planner’s estate plan include if the estate planner’s estate changes so that their assets and liabilities change. It is also important to keep an estate plan current related to the estate planner’s retirement plan and beneficiary, executor and trustee designations. If any of those relationships change, it is also a good idea to update the estate plan to comport with them.
Estate planning can help estate planners plan for the future and have the security they need that their family members and loved ones will be cared for as they intended. It is always a good time to have an estate plan and better still to know when to update an estate plan.