Once you create your estate plan, it’s important to make sure that it’s frequently updated, in order to meet your current needs. Many people completely forget about the need to update their planning. This may mean that their current wishes are not respected, or it may create problems in the future. Take a look at the information below, to better understand updating. If you have any questions, or if you’d like to update your estate plan, contact an estate planning attorney.
Take a look, every three to five years
When was the last time that you updated your plan? Did you know that you should review your planning every 3 to 5 years? This will allow you and your attorney to see if changes need to be made. In many cases, an estate plan may need updates several times throughout a person’s lifetime.
Take a look, after a significant event
Your plan may need to be updated sooner. This is especially true if you experience life changes. Some of these changes include marriage, divorce, a new child, death, start of a new business, or a move to a new state. If you’re unsure if your plan needs to be updated, discuss your situation with your attorney.
Take a look, beneficiary designations
While many people know the importance of updating their plan, some forget to update beneficiary designations. Do you have a life insurance policy, pension plan, or retirement account? These assets require you to name a beneficiary with the use of a beneficiary designation form. While you likely named a beneficiary when you created these accounts, you may have forgotten about them. Take the time to review your beneficiaries so that the right people are given your assets after your death.
Updating is an important part of estate planning. If you have any questions, or if you’d like help reviewing your estate plan, consult with a qualified estate planning attorney.
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