It is important to review your estate plan every few years to make sure that it is still relevant for your family. A good rule of thumb is to conduct this review every 3 to 5 years.
After all, doing estate planning early is typically wise because you can never predict exactly when your family will need that plan or when you will pass away. Many people procrastinate estate planning, putting themselves in the position of passing away early and leaving their family without the necessary guidance. But any legal adult can draft an estate plan, even if it is done and on file for decades.
Over time, that estate plan is going to become outdated, which is why conducting these reviews is necessary.
Major life events
Another thing to keep in mind is that there are certain events that happen in your life that could indicate that it is a good time to review your estate plan, even if you have not hit the three-year mark.
For instance, perhaps you had a second child since drafting your estate plan, so you need to add them into the plan with your firstborn child. Or maybe your marital status changed, as you got married or divorced, so you need to add or remove provisions for your spouse.
Another common reason to conduct updates is if you get a diagnosis of a disease or a disorder from your medical care provider. If you are diagnosed with early-onset Alzheimer’s, for instance, you may want to update your estate plan to include medical provisions while you still have testamentary capacity.
Addressing your estate plan this year
These are just a few examples of why it is important to review and potentially update your estate plan. Be sure you know exactly what legal steps to take as you do so.