Many people create an estate plan and put it out of sight for the rest of their life. Others, however, realize that making changes every now and again is in their best interest.
There are certain life events that should prompt you to review and potentially alter your estate plan. Consider the following:
-- The person you have named as a beneficiary has passed on.
-- You need to add others to your will, such as after having a child.
-- You have recently gone through a divorce.
-- You were recently married.
-- You have come into a large sum of money, such as through an inheritance or lottery winnings.
-- You need to change guardians or trustees for any reason.
-- New laws have you confused in regards to how your estate plan will work in the future.
There are many times when you need to review your estate plan with an eye toward making a change. You don't have to do so, but it would be in your best interest if you want to ensure that everything is in good working order.
If the time comes to update your estate plan, don't make any rash decisions. Instead, review what you have in place, answer some key questions and then decide what you need to do next. Also, don't hesitate to consult with an estate planning attorney. When you have professional help on your side, it's easier to know that you are making informed decisions that will benefit you, your family and your estate in the future.
Source: FindLaw, "Checklist: Reasons to Update Your Will & Estate Planning Documents," accessed June 07, 2017