One of the questions we get most frequently is: How often should I revisit my estate plan? It is an excellent question. As circumstances change, it is important to review and update your estate plan to ensure that it continues to properly align with your wishes. With an attorney’s help, you can address new, unforeseen circumstances, and ensure you are providing for your loved ones in the most effective way.
So, how often? As a general rule, one should revisit their estate plan about every three years. This allows you time to reflect on the past three years and discuss any life-altering events with your attorney. In the moment, you may not have considered the estate planning ramifications of said events. However, life is unpredictable and, depending on the happenings in your life, you may need to revisit your estate plan more frequently than every three years. Below are just some of the events that could impact your estate plan:
- A new job or retirement,
- A change in marital status (recently married or divorced),
- A loss of a spouse or other loved one,
- A change in health,
- A new child or grandchild,
- A substantial change in the value of your estate; or,
- A change in your wishes.
If you have experienced any of the above recently, we recommend that you meet with an estate planning attorney to revise your existing plan. Revising your estate plan now will ensure that your wishes are honored upon your passing. It can also fill gaps and correct uncertainties that your loved ones would otherwise have to work out. A clean and clear estate plan is the best gift you can give yourself and the ones you love.
If you have any questions about your existing estate plan and how it may be impacted by a recent event in your life, our estate planning attorneys are happy to assist you.