Estate plans should not be set in stone, as a rule. Rather, they should be living, working documents that can be changed as needed. After all, life circumstances and events frequently shift and evolve over time, and this often necessitates changes to your estate plan as well.
We recommend reviewing your estate plan every three to five years, no matter what. In some cases, however, you may want to review it even sooner.
5 Reasons You Might Need to Review Your Estate Plan
1. Your finances have changed.
There are numerous circumstances in which your finances may have changed enough to necessitate altering your estate plan. For example, you’ll certainly want to review your plan if you retire or get a new job that significantly alters your income. The same goes for if you suddenly receive an inheritance or a notable raise at your current job.
Any significant change to your overall finances should necessitate a general review of your estate plan to ensure you’re maximizing your benefits.
2. You’ve moved states.
Different states have different laws regarding estate plans. Moreover, these laws are regularly updated, so it’s smart to keep abreast of them and make any necessary changes as needed. You’ll want to maximize the benefits available and minimize any unnecessary fees and charges.
3. You’d like to change your beneficiaries.
There are numerous reasons why you might want to change the beneficiaries listed in your estate plan.
Frequently, for example, new family members necessitate a change. Perhaps you’ve had a new child or grandchild. It’s also possible you’ve decided to include a close friend or an organization or charity that’s close to your heart.
Conversely, certain life changes may necessitate removing a person or persons from your estate plan. For example, if your child is recently divorced, most often, you’ll want to remove the name of their ex-husband or ex-wife from your list of beneficiaries.
4. Your marital status has changed.
If you’ve recently gotten a divorce, in all likelihood, you’ll want to remove the name of your ex from your estate plan or alter their benefits at the very least. Likewise, you’ll want to add a new spouse if you’ve recently gotten married.
If you’re not married but have a partner who you’d like to be listed as a beneficiary in your estate plan, this can be carried out as well.
5. Child beneficiaries have reached the age of 18.
Lastly, if you’ve listed children, grandchildren, or any other minors as beneficiaries in your estate plan, if they turn 18, you’ll want to review their benefits. Minors are often treated differently than adults when it comes to estate planning.
Need Help Establishing a Plan for Your Estate? Contact Beasley & Ferber Today
Whether you’re looking to establish a brand-new estate plan or modify one you’ve already created, our team at Beasley & Ferber can help.
Contact us to set up a consultation appointment and start discussing your legal estate planning options today. We look forward to hearing from you!
