Making an estate plan is an excellent step toward providing stability for your family. You help them smoothly transition through this period in life with lower odds of estate disputes and conflicts. The estate plan also gives you the ability to decide what you want to do with your assets, to make medical decisions and things of this nature.
But don’t assume that all you need to do is make a plan and then these protections are in place forever. Things change, and your estate plan needs to be reviewed periodically. These reviews can tell you if it’s time to update the plan. Here are a few key events that may mean it’s time for a review.
A change in marital status
First and foremost, you may want to alter your estate plan if you get married or divorced. If you end one relationship and then get remarried, it’s time for another review.
A change in family
You also want to keep an eye on any changes to your family, such as the birth of children or grandchildren. Additionally, an estate plan may need to be reviewed or updated if a beneficiary passes away or needs to be removed from the plan for another reason.
Significant medical changes
Changes in your own health can also mean that it’s time to make updates to the plan, especially if you’ve used an advance directive to make medical decisions. If you’re diagnosed with a serious disease or you suffer from a disability, your estate plan needs to reflect this.
These are just a few examples of the types of things that should lead to a review. Make sure you know exactly what steps to take when setting your plan up initially and making these crucial updates.