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When is it time to update an estate plan?

On Behalf of | Oct 22, 2020 | Estate Planning |

It is essential to update an estate plan and to keep it current with any changes in the estate planner’s life. As part of the estate planning process, it is helpful for estate planners to know when they should consider revisiting their estate plan to update it.

The estate planner moves

If the estate planner relocates, especially to another state, it is a good time to review and update their estate plan. Estate planning laws vary by state so estate planners need to ensure their estate plan is current in their new state.

The estate planner’s relationships change

When the estate planner’s relationships change, they should update their estate plan to include those changes. Important changes that should prompt an estate plan update include birth, marriage, death or divorce as examples which should be include in the estate plan.

Designations in the estate plan change

In circumstances when a designation in the estate plan, such as the trustee, executor or guardian, changes in appropriateness, the estate plan should be changed to account for those changes.

It is also important to keep designations on the estate planner’s retirement account and insurance policies current. It is a good idea to routinely review and update and estate plan and to also be aware of major changes that should prompt an estate planner to update their estate plan. Updating an estate plan is a simple way to ensure that the estate planner’s estate plan can meet their goals even as they change.



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