When should I update my estate plan?

Creating an estate plan can be daunting, and it often involves multiple steps from start to finish. After completing this process, you may feel safe once you complete the paperwork and store it somewhere secure. Still, there could be many reasons to revisit these documents and update them as soon as possible.

When determining whether to review and modify your estate plan, your decisions could depend on a range of factors, such as its features and the assets you currently have. In most cases, making changes is appropriate after a divorce, a marriage, or a substantial real estate purchase.

The existing arrangements in your plan might not reflect these significant life changes. Additionally, you can consider updating it based on the following circumstances:

• Role appointments in your estate plan are no longer relevant — You may have chosen a friend or a family member as your will’s executor. If situations change, affecting your relationship with them, you should also remove or replace them in your estate plan.
• You have assets excluded from the estate plan — You might want to include them as developments arise. However, some accounts, such as life insurance policies and retirement benefits, may have beneficiary designations that overwrite any terms in your plan. You may want to review them in these scenarios as well.
• Your circumstances change too much — When you experience extensive changes that shift your long-term situation, you may need to review your needs, plan and decide if you need to add anything.

Other events may also be valid triggers if they are significant enough to affect your estate plan’s legal soundness.

Preserving your estate plan’s enforceability

Because of many considerations and developments during your life, you might need to check your estate plan regularly. Also, consider seeking legal guidance, mainly if you need to account for any new assets and conditions that might not have existed before. Doing so can help prepare and finalize decisions that could guide the people you love after you pass on.