Creating your estate plan is a vital step in protecting your legacy and planning for the future. No matter what your plan entails, having one in place should give you meaningful peace of mind. However, estate planning is not necessarily a one-time event or singular process. Over time, you want to review and potentially revise your plan to ensure it remains accurate and in line with your wishes.
When should I update my estate plan?
Updating your will and other estate planning documents should happen periodically, when the need to do so arises. While everyone’s circumstances are different, it is generally wise to review your plan after certain major events, such as:
- The birth of a child or grandchild
- The death of a beneficiary or substitute decision-maker
- Marriage or remarriage
- Divorce
- Significant change in your assets or liabilities
- A significant change in your health, capacity or anticipated care needs
- Experiences that shift your spiritual or religious beliefs
Reviewing your plan after these events allows you to look at your legacy through new eyes and with a focus on updated circumstances.
Don’t make these mistakes when making changes
When you want or need to change your estate plan, certain missteps could derail your efforts. If you wish to update your plan, avoid these common mistakes:
- Making informal changes without legal counsel
- Adding unenforceable or illegal clauses
- Creating conflicting versions of estate planning documents
- Failing to properly revoke or supersede outdated documents
- Failing to review beneficiary designations
- Overlooking related documents, such as powers of attorney and health-care directives
These errors and oversights can make it difficult or even impossible to validate a will or carry out your wishes. They can create more problems and leave loved ones scrambling and confused during probate.
Ensuring your plan continues to protect your legacy
Whether several years have passed since your created your estate plan or you have just had a major change in your life, now can be a good time to revisit it. Making the effort to keep these critical documents updated provides tremendous reassurance that your plan continues to reflect your wishes and provide guidance and gifts for the people you love.