Some people view estate planning as an end goal or a finite process. This is far from the truth. Estate planning evolves over time, which means ongoing involvement. When you create an estate plan, you should make an effort to keep it updated and current.
There are a few times when you should review and update your estate plan.
Changes in marital status
Gray divorce is more common than ever with more people seeking their own independence in later years. Along with those divorces comes subsequent marriages later in life. If you already have an estate plan in place, take time to review and update it after you file for divorce or when you remarry.
Additions to the family
As your children get married and have children of their own, this changes the family dynamic. You might want to create college funds for your grandchildren or adjust what you leave your children. As their lives evolve, their needs will also change. Take time to update your estate plan accordingly.
Executor changes
Whether your intended executor predeceases you or you have decided to appoint someone new, you can modify your estate plan to change your executor at any time. Keep your executor up to date to reduce the risk of needing a court-appointed estate administrator.
If you review your estate plan once a year, or any time something significant changes in your life, it will ensure that everything stays current. Protect your family from any conflict as a result of changing dynamics or preferences by updating your estate plan regularly.
