You may think you have the perfect estate plan, but all that can change with new developments in life. Therefore, you should review the plans you have in place once every couple of years, even if nothing drastic has happened.
For instance, a life-changing moment like divorce may mean changing your personal representative if you had settled on your ex-spouse or even the list of beneficiaries. In addition, if you had given your former spouse power of attorney if you become incapacitated, you may want to review that as well.
Did you relocate out of state?
If you relocated from the state where you made your estate plans, it is advisable to revise them and ensure compliance with your new state’s regulations. For instance, your will may or may not still be valid in your new jurisdiction, and specific state law provisions may require revisions to your health care directives.
Has your family changed?
Adoption or the birth of a child or grandchild may need you to accommodate them in your will hence the need for a revision. The death of one of the beneficiaries may also warrant a modification of the current estate plans.
Has your estate changed?
If there are any assets that you had included in your estate plans, but ownership has changed, you may need to factor in the new changes. Any valuable additions to your estate, too, should be considered in your new plans.
The importance of it all
In the best interests of your estate and beneficiaries, it is crucial to be on top of your estate plans. To prevent any contests or disputes among your family members once you are gone, you need to update your estate plans periodically. It will ensure a smooth passage and give you peace of mind that your wishes will be executed to the letter.