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Should I be reviewing my estate plan?

Imagine you are making plans for an upcoming vacation. You found a place to stay and made your reservations; you bought a plane ticket; you took time off work; you might be making a list of what you will need to bring. The plan is set, but chances are that will be reviewing your plans as your vacation gets closer or in the event that something changes to make any necessary adjustments.

This doesn't seem too surprising, does it? After all, people want their vacations to go smoothly, and making sure your plans are still going to work is one way to do that. This is the very same approach you will want to consider taking when it comes to your estate plans.

There are three types of events that could prove to be excellent opportunities to review and revise your estate plan.

  1. Your plans change. If you change your mind about any aspect of your estate plan, from your medical care to how you want your estate distributed, you can work with an attorney to get the appropriate changes made.
  2. Your family changes. Marriage, divorce, adoption, death and birth can all affect your estate plan. Review your plan in light of these events to make sure the appropriate parties are represented and/or removed.
  3. Your financial circumstances change. A lot can change in the years between when you create your estate plan and when it comes time to administer it, particularly your finances. If you receive an inheritance, win the lottery, sell your home, amass significant medical expenses, or experience any other type of change in your financial stability, you would be wise to make sure your estate plan still accurately reflects your estate.

Reviewing your estate plan from time to time can allow you to update it and make changes before it is too late. It can also give your loved ones the confidence in knowing that a will and other elements accurately reflect your wishes, which can minimize disputes during probate. 

While it is not nearly as simple as planning a vacation, planning your estate is critical to your future and the future of your friends and family. Taking the time to make sure everything is updated and accurate can help you all feel more relaxed and confident about the future.

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Tannenbaum Scro, P.L.
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