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Should you review your plan now?

On Behalf of | Jul 7, 2022 | Estate Planning |

An estate plan serves as a crucial matter for many people. However, most people do not realize that taking care of and maintaining an estate plan goes far beyond its initial creation.

Reviewing this plan serves an equal measure of importance. But how do you do so?

Regular reviews for a refresher

Forbes discusses when to review an estate plan, which is often sooner than most people think. In fact, many experts state that they believe a person should review their estate plan once every three to five years.

This gives individuals a chance to check back over their own thought processes and goals from the past. Though not many major changes may have occurred in a person’s life at that time, they may have still changed how they want to handle certain parts of the plan.

Of course, it is also important to review the plan any time major changes do happen. This typically includes changes to assets, beneficiaries or location.

Reviewing after major life changes

Regarding assets, it is important to note any major changes to finances, whether this leans negative through things like debt, or positive through things like inheritance. Reviews should also happen after the transfer of one asset to another, i.e. through the buying or selling of property.

Beneficiary changes often involve the people entering and exiting a life. This happens through marriage, divorce, birth, death, estrangement, new meetings and more.

Finally, location depends on where a person moves. Not every state has the same laws regarding estate plans, so it is important to do a review if moving to make sure that the plan aligns with the new home’s laws.