Getting a formal estate plan from an attorney is not the final step to prepare for your estate. Estate planning is a lifelong process.
If you have taken the important steps of going to an estate planning attorney, discussing your wishes for your estate, having the attorney craft your plans and executing those plans, congratulations. You have done what far too few Americans do and have planned for how your estate will be handled. You have taken the necessary steps to make sure that if anything happens to you, your loved ones will be taken care of according to your requests.
However, do not think you are done with everything forever.
It is extremely important that you update your estate plan when necessary as the Verde News discusses in “Updating Your Estate Plan: When You Should Review It.”
It is impossible to list all of the possible times your estate plan should be updated.
Plans need to be changed whenever there are significant changes in circumstances. That can include changes in your financial situation, death of an important person in your estate plan, changes in estate law and much more.
Estate planning attorneys suggest that you review and change your plans anytime you experience a substantial change in life circumstances. It is also suggested that you review your estate plan every few years and talk to your estate planning attorney to make sure no laws effecting your plan have changed.
If it has been awhile since you have updated your estate plan, then call your attorney and schedule an appointment to have your plan reviewed.
Reference: Verde News (Oct. 29, 2016) “Updating Your Estate Plan: When You Should Review It.”
