Is it time to review your estate plan?

Is it time to review your estate plan?

| Jul 12, 2021 | Firm News

After creating your estate plan, it is important to keep on top of updating it. After all, your estate plan must reflect your most current life circumstances. It must be up to date with local laws and reflect your current desires.

But when is it right to review your estate plan? Is there a certain time period that would serve you best?

Focusing on beneficiaries

Forbes lists the parts of your estate plan you may want to review sooner rather than later. This can help you organize your review by priority, which makes it easier to handle as a whole. Many people end up leaving their estate plans by the wayside for far too long simply because the idea of going through it again gets overwhelming quickly. Prioritization is one way to cut down on that.

First, you want to focus on beneficiaries. This is the area most likely to change over the years. After all, people come and go from your life for any number of reasons. You may end up divorcing, remarrying, adopting children or having some of your own. Loved ones may die or otherwise leave your life. You want to make sure that those you love get what you want them to have out of your estate.

Paying attention to finances

Next, pay attention to finances. This changes often, too, but you only need to concern yourself if you undergo a large change. This can include huge gains like winning the lottery or coming into an inheritance. It can also include large losses, like falling into debt and filing for bankruptcy.

It can help to have legal guidance as you work, too. This can streamline the process further, as attorneys know exactly what to focus on.