Elder Planning Isn't Just For The Elderly

Is it time to review your estate plan?

Your estate plan serves as a major component of how you will handle your end-of-life experience, and how your loved ones will handle your matters after your death. Thus, it is crucial that your plan remain up to date with the actual happenings in your life.

After creating your estate plan, you should make sure to review it somewhat frequently. But how do you know when to start a review, and what should you focus on when doing so?

Reviews after major life changes

Forbes discusses some of the key reasons that indicate you may want to review your estate plan. First: have you undergone recent changes in your life? You always want to update your plan as soon as possible when you face major life changes, especially ones that impact your beneficiaries or assets. For example, you likely do not want an ex-spouse named on your will, and if you fall into debt, you do not want to give away money you no longer possess.

You also want to keep an eye on the laws in your area. Over time, litigation regarding estate plans may change, and you do not want part of your plan rendered invalid because it does not comply with new laws.

Regular reviews every three years

Second: has it been more than three years since your last review? Experts suggest you review your estate plan at least once every three years even if you cannot recall any major changes happening. This gives you the occasion to refresh your memory and ensure everything is in line with your current wishes.

Having legal aid during this time can be a big help too, as they can give guidance and direction as you work toward completing your review.

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