You finished creating your estate plan years ago. Then, you sat on it until today, despite the changes your life has undergone since you first drafted the plan. Unfortunately, you are not alone in this. But your estate plan should always reflect your most recent life circumstances. Thus, you should review it often.
But just how often is “often”? What do you need to know about reviewing, updating and editing your estate plan?
What to review first?
Forbes looks at the parts of your estate plan you should review first. They suggest prioritizing:
- Your will
- Your trust
- Your beneficiaries
- Your health care proxy and power of attorney
But experts suggest doing a full review of your estate plan at least once every three or so years. This lets you keep track of any small changes you may have forgotten about. It also lets you check back in with what you wrote before and decide if it still fits your current desires and wishes.
Editing your estate plan after big events
Experts also suggest reviewing your estate plan any time you face a major life-changing event. In these instances, you do not need to review the entire plan. Just take a look at the relevant and necessary parts. For example, you want to update your beneficiaries if you get a divorce or marry a significant other. You want to update your will if you end up losing or coming into a lot of money, too.
In the end, you decide when you want to review and update your plan. But you should consider making changes whenever you see major shifts in your life.
