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Is it time to review your estate plan?

On Behalf of | Jun 14, 2021 | Estate Planning |

Your estate plan is crucial to ensuring that everything goes as smoothly as possible after your death. But in order for it to work to its fullest extent, you must personally keep it up to date with the happenings in your life.

This means reviewing your estate plan with some amount of regularity. But when should you review? How often does a review need to happen?

Organizing your general review

Experts believe you should do an estate plan review roughly once every three years. In these times, you can do a general review without focusing on one specific aspect too much.

Forbes looks at the parts of your estate plan you may want to start your review with. First, you have your beneficiaries. These individuals will have something to gain from your estate plan after your death. You likely have beneficiaries listed in your will, your trust and in things like life insurance policies and plans.

Changing relationships and assets

Of course, relationships often take many twists and turns over the course of a lifetime. There is no guarantee that someone you listed as a beneficiary will stay that way forever. Thus, you want to start with the most mutable aspect: the people.

After that, focus on anything that revolves around your assets. Like relationships, your assets will also change over time. You want to make sure your estate plan reflects it correctly, or you will end up in a situation where you try to give away what you no longer have, or where assets go unclaimed.

If you are in the middle of a major change or upheaval in your life, however, this may also prompt a review. However, you can simply review the area directly tied to the life change. This will keep your plan up to date.