The Importance of Regularly Reviewing and Updating Your Estate Plan

An estate plan is not a "set it and forget it" arrangement. Life changes—such as marriage, divorce, the birth of a child, or new financial circumstances—can alter your needs and wishes. Regular reviews and updates of your estate plan reflects your current situation and protects your and your family's future.

Why Update Your Estate Plan?

Life Events

Changes like a new addition to the family, a death, a marriage, or a divorce can dramatically affect how you might want your assets distributed. It’s important to adjust your documents to reflect these changes to avoid unintended consequences.

Financial Changes

Changes in your financial situation—such as acquiring new assets, significant changes in the value of existing assets, or starting a business—demand updates to your estate plan. 

Legal and Tax Updates

Staying current with these changes can help you avoid legal pitfalls and take advantage of any new tax benefits. Regularly consulting with an estate planning attorney can keep your estate plan compatible with current laws.

How Often Should You Review Your Estate Plan?

As a rule of thumb, it’s wise to review your estate plan every three to five years. This periodic review can help catch any changes that might have been missed or overlooked. It's also important to possibly revise your estate plan immediately after significant life events. This proactive approach guarantees that your estate plan always matches your current intentions and circumstances.

What to Review in Your Estate Plan?

Review key documents such as your will, trusts, power of attorney, and healthcare directives. Make sure that the individuals you’ve designated as beneficiaries, executors, or power of attorney are still the choices you would make today. Check that your asset distribution still reflects your wishes. Sometimes relationships or priorities change, and your estate plan should change accordingly.

Keeping your estate plan current can protect you and your loved ones from future legal complications and ensure your legacy is handled as you desire. Don’t hesitate to consult with a professional to help guide you through this ongoing process.

For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.

Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.