When Should You Have Your Estate Plan Reviewed?
An estate plan is not a one-time task—it’s a living document that needs regular attention to stay effective. Life is full of changes, and your estate plan should evolve with them to ensure it continues to protect your legacy and align with your wishes. So, when should you review your estate plan? Let’s explore the key moments that call for a check-up.
Major Life Events
Life events can significantly impact your estate planning needs. If you’ve recently gotten married, divorced, or remarried, it’s crucial to update your plan to reflect your current marital status. Similarly, the birth or adoption of a child or grandchild may require adjustments to account for new beneficiaries.
On the flip side, the loss of a loved one who’s named in your estate plan—whether as a beneficiary, trustee, or executor—should prompt a review. These changes ensure that your plan remains accurate and effective.
Changes in Assets
Acquiring or selling major assets, such as property, businesses, or significant investments, is another reason to revisit your estate plan. Whether you’ve expanded your portfolio or downsized, your plan should reflect your current financial situation and the distribution of these assets.
Shifts in Laws or Regulations
Estate tax laws and other regulations can change over time, impacting how your estate is managed or taxed. Regularly reviewing your plan with an attorney ensures compliance with current laws and helps you take advantage of any beneficial changes.
Changes in Relationships
Relationships evolve, and so should your estate plan. If someone named in your plan becomes estranged or is no longer the right fit for their role, such as trustee or executor, it’s essential to update your documents. Likewise, new friendships or partnerships may prompt you to include additional beneficiaries or advisors.
Periodic Reviews
Even if no major changes have occurred, we recommend you have your plan reviewed every three years. This regular check ensures that it’s up to date with your goals, family dynamics, and financial situation.
Significant Health Changes
If you or a loved one faces a serious health condition, reviewing your estate plan can provide peace of mind. Ensure your healthcare directives, powers of attorney, and other documents reflect your wishes and current circumstances.
Take Action to Protect Your Legacy
Estate planning isn’t a “set it and forget it” process. By revisiting your plan during these key moments, you can ensure it remains a powerful tool to protect your family, assets, and legacy. Call us today at (605) 275-5665 and we can help you navigate these changes and keep your plan up to date. Remember, a well-maintained estate plan is one of the most thoughtful gifts you can give to your loved ones.
