There is no firm timeline for reviewing and updating your estate plan, but there are some events that should automatically suggest that it’s necessary. While you may not need to review your estate plan often, some of these events are significant enough that you may want to make adjustments right away.
Here are three times when it may be time to take a second look at your estate plan:
1. You have a significant change in assets
To start with, if you suddenly receive a large inheritance or are in a position where your assets change in any significant way, it’s time to review your estate plan. You may want to add these assets to a trust or use other techniques to protect them in the future. If you disposed of assets left to certain heirs, it’s also time to revise your plans.
2. The executor you chose is no longer acceptable
Another good reason to update your estate plan is that your executor isn’t who you want anymore. For example, if you were married and made your spouse your executor, you may want to opt for a different executor after you get divorced.
3. You moved to a new state
Finally, if you’ve moved to another state, you should take another look at your estate plan. Your plan will be made in accordance with your state laws, so if you move to a new state, there may need to be adjustments made to your plan.
These are just three of many reasons why you may want to take a second look at your estate plan and make changes. Your attorney will be prepared to help you when you’re ready to review your estate plan and change its contents.
