estate plan
When Should You Review Your Estate Plan?

When should you review your estate plan?

The best answer is frequently. After you complete your estate planning, it is important to remember not to neglect it. Life changes, and therefore so may your situation.

We previously spoke about the importance of estate planning citing an example of building a business only to see it fall apart because it was not properly protected. Proper planning allows you to protect your assets, finances and business but it should not stop there. Once you protect your legacy, you should take measures to maintain its protection over time by reviewing your plan.

Major life events serve as great reference points for when to review your estate plan. These Fidelity and Forbes articles both share common life events where an individual should consider reviewing or amending their plans. Some examples include:

  • The birth of a child
  • Marriage or divorce
  • Illness or disability of a spouse
  • Purchasing a large asset
  • Opening or closing a business

Aside from these examples, the articles go on to highlight other major moments where your estate plans can change, and consequently require you to meet with your estate planning attorney. The important takeaway is that estate planning is not stagnant.

Taking the initiative to create an estate plan does not mean you can neglect it.