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When should you reevaluate your estate plan?

On Behalf of | Jan 31, 2023 | Estate planning |

The purpose of an estate plan is to protect yourself and your family in case of an accident, sickness or death. An estate plan allows you to determine what to do with your assets if something happens to you.

While the initial creation of an estate plan is essential, you do have to reexamine your plan regularly. Once you create your estate plan, you need to reevaluate it regularly.

After the birth of children

Welcoming a new child into your family should always trigger a reevaluation of your current estate plan. Estate plans should include possible guardianship plans if something happens to you while your children are still minors. If you have adult children and grandchildren, consider how you want your grandchildren to fit into your will or trust.

Following marriages and divorces

What happens to your spouse if something happens to you? Your estate plan should outline what you want to leave to your spouse, particularly if you have property that the two of you do not share. Likewise, if you divorce, you may not want your former spouse to have access to your assets. For example, if you divorce and remarry without changing the estate plan, there may be fighting between your ex and current spouse.

During major life changes

Any time you experience a major life change, you should consider how it might impact your overall estate plan. For instance, if you inherit a large sum of money, change jobs or purchase a house, you must make alterations within your will or trust.

Try to update your estate plan at least once every three to five years.