Creating an estate plan is not a one-and-done deal. In fact, it is the beginning of a process—a process that will be much easier if you involve your estate planning attorneys.
Many begin their estate planning when they marry or have children, others when they begin accumulating significant assets. The reality is that everyone benefits from having an estate plan.
But once you have an estate plan in place, should you just leave it there? Should you update it, why, and how often?
Updating your estate plan
Keeping tabs on your estate plan is a vital part of having it in the first place. Life changes, babies are born, individuals pass away, one’s executor may change, you might change your mind; your financial situation may change drastically at some point.
All of these are reasons to update your estate plan and ensure that it always reflects your current wants and needs.
Even if you do not have any major changes in your life, attorneys recommend that you update your estate plan every three to five years to ensure that you remember what’s on it and that it reflects your current living situation. We all forget things from time to time and an estate plan is something you do not want to take any chances with.
