Some adults create their estate plan and then forget about it. While it’s acceptable to not dwell on it daily, you should plan to review it periodically so you can ensure that it’s all accurate. Ideally, you’ll do this every couple years.
You must also review the estate plan if you have a major life event happen. The important thing to remember is that you always want your estate plan to accurately convey your wishes, so taking the time to ensure it does is always a good idea.
What major life events warrant an estate plan review?
Anytime you have something happen that might mean you need to change beneficiaries or designations, you should read over the estate plan. Some of these events include:
- Getting married or divorced
- Having children or adopting
- Having minor children become adults
- Having grandchildren
- Retiring or changing jobs that impact retirement plans
- Moving to a new state
- A person named in the estate plan passes away
- A need to change a designation, such as the person you named executor
- Changes to medical care needs or plans
- Major changes in assets, including buying or selling
- The purchase or expiration of life insurance
Once you create your estate plan, be sure that you review it and update it so it reflects your current needs. Working with a professional who is familiar with these matters is important so you know it’s legally binding. It’s best to get this done sooner rather than later. This can give you peace in knowing that your loved ones will be as cared for as possible.