Estate planning is not a one-time event. In fact, once a person creates their estate plan, they should periodically review and update it where necessary. Please continue reading and reach out to the estate planning and administration lawyers at Berman Voss to learn more about how often you should update your estate plan.
When should I update my estate plan?
As a general rule, you should review your estate plan at least every three to five years, or whenever there is a major change in your life. Some of the events that may trigger the need for an update are as follows:
- Marriage or divorce
- Birth or adoption of a child or grandchild
- Death or disability of a spouse, child, or beneficiary
- A change in your health or medical condition
- A change in your income or net worth
- A change in your tax situation or estate laws
- A change in your residence
- Change in your business interests or ownership
- Acquisition or disposal of significant assets
- Creation or termination of a trust
- A change in your insurance
- A change in your charitable intentions or beneficiaries
Updating your estate plan does not necessarily mean that you have to rewrite your entire will, trust, or other documents. Sometimes, a simple amendment or codicil can suffice. Other times, you may need to create new documents or revoke old ones. The best way to determine what changes are needed is to consult with an experienced estate planning lawyer who can advise you on the most efficient way to achieve your objectives. Berman Voss can make the process of updating your estate plan quick and painless, all while working to give you the peace of mind you deserve.
Remember, having a comprehensive and current estate plan in place is the best way to ensure your assets are handed down according to your wishes. By updating your estate plan regularly, you can ensure that it will consistently reflect your current situation, and that it will work as intended when the time comes. If you have further questions about estate planning or you wish to create or update your estate plan, please don’t hesitate to contact Berman Voss today.