If you are a Tennessee resident who already has your estate plan finished, you will likely be able to leave it as-is for a while. However, it is not generally recommended for you to leave your estate plan unchanged indefinitely.
First of all, your estate plan should reflect your current life circumstances. As we all know, life is not static or stagnant. Many different things can change in less than a year. Because of that, you will want to update your plans to keep up with the changes. Life changes that may require an estate plan update can include:
- Marriage or remarriage
- Discovering a family member has a learning disability
- Moving to another state or out of country
- Changes to your finances
The latter is especially important to consider changes for. This is because each state has its own way of handling estate planning by law. Countries will likely have entirely different ways of dealing with it, too.
Changes to finances that may require updating a plan can be both positive or negative. For example, you may come into money due to an inheritance. You may also find yourself in a large amount of debt, which can result in you losing money or needing to file for bankruptcy. These changes should be reflected in your estate plan.
If you are taking a look into estate planning, make sure to view the laws that are directly relevant to your state. You can take a look at our web page here to learn more about it and adjacent topics, as well.