Updating an estate plan is an important thing to do. As life changes, an estate plan should also change with the estate planner’s life. Knowing just went to update an estate plan is key for estate planners to be familiar with.

Estate plans should be routinely updated and reviewed but in addition to that, there are certain instances in life when estate planners should always take time to review and update their estate plan. These times include:

  • If the estate planner has experienced a major relationship change – if the estate planner’s relationships change, they should ensure their estate plan incorporates those changes. This can include a marriage, death, divorce or birth for the estate planner.
  • If the estate planner has completed a major move or relocation to another state – if the estate planner moves to another state, they need to ensure that their estate plan complies with the laws of their new state.
  • If the estate planner’s assets or liabilities change – if the estate planner’s assets or liabilities change, they may lead to a change in the distribution of their property or beneficiary designations so it is a good time to update an estate plan if the estate planner’s assets or liabilities change.
  • If the estate planner’s designations are no longer appropriate – sometimes who the estate planner wants to serve as their executor or trustee changes but they need to make that change official in their estate plan. Estate planners should also always keep their beneficiary designations on their retirement accounts and insurance policies up-to-date.

Estate planning can accomplish the wishes of the estate planner and care for their family members which is why it is essential to keep all of that information current. The estate planning process provides flexible tools for estate planners to be able to do this.