You should be commended if you have already created your estate plan. After all, more than half of Americans have not taken the time to plan for their death or incapacitation.
But if you believe that once you have created an estate plan, you can place it in a safe place and forget about it, then you would be wrong. There are several times throughout your life when you should review your documents to ensure they still reflect your wishes.
The many stages of your life
One of the most significant indicators that your estate plan needs updating is a major life event, such as:
- Marriage
- Divorce
- Birth or adoption of a child
- Death of a spouse
- Significant changes in assets
- Starting or selling a business
- Retirement
- Death of an executor or beneficiary
All of these life changes can alter how you want your assets distributed and who you want to make decisions on your behalf if you become incapacitated or serve as guardians for your minor children.
Moving to another state or country should also trigger a review of your estate plan. Laws vary from one state to another, and your existing plan may not be able to take advantage of certain tax advantages in your new location.
Even if you haven’t gone through major life changes or moved to a new location, it’s still recommended that you review your estate plan every few years. Estate laws can change over time, and you want to ensure that none of your heirs are stuck with a significant tax bill.
It’s also a good idea to confirm that everything in your estate plan still aligns with your goals. If you’re unsure whether your estate plan needs updating, call Quinn Law at (814) 833-2222. We can work with you to ensure that your plan accurately reflects your wishes.
