People treat estate planning like something they can do once and then set aside and forget. However, their lives, their relationships, their medical preferences and their financial circumstances will continue changing for the rest of their lives. Estate plans really should receive regular reviews to ensure that it still adequately addresses their needs.
If you have experienced any of the following major life events, it may be time to review your estate plan and make changes to enhance the protection it extends to you and the people you love.
You get married or divorced
When your marital status changes, so does the way the state will handle your estate if you die without a last will. Even if you have a will, the chances are good that you will want to change it to either add or remove the person joining or leaving your life.
An heir, executor or other person dies
When you name someone in your estate plan as executor, heir or even power of attorney, you expect them to live longer than you. If someone dies, removing them and reassigning their responsibilities or inheritance to someone else will ensure your will is as up to date as necessary.
You obtain significant new assets
If you buy a second home or inherit a business, those new assets will have noteworthy implications for your estate. Leaving major possessions unaccounted for can cause confusion and difficulty in probate.
Any time that your needs, family or assets change in a major way, you may need to consider how those changes might affect your estate plan.