Set it and forget it?

Not with an estate plan.

Many people make the mistake of creating their estate plan and then forgetting about it.

While the documents are designed to give you peace of mind, they should not be forgotten or neglected.

There are circumstances in life that can affect the relevancy of your estate plan. These listed below are good indicators of when you need to update your plan:

1. Change in family status.

If you have been divorced or have welcomed a new baby into the family, it is important you review your documents and ensure that they reflect your current situation. A change in family status is a good reason to also check on your beneficiary designations.

2. You moved.

If you have relocated to another state since you created your estate plan, you should visit an Estate Planning attorney in the state you currently live. An attorney should review your documents and determine if they will be valid under the current state laws.

3. Changes in assets.

If you created your estate plan while holding assets that you no longer hold, or you have acquired new assets since the time you created your plan, your plan should be reviewed to ensure that all assets are properly held and titled.

4. Your spouse is facing long term care.

If your spouse’s health declines and it is deemed that long term care is necessary, you should review your estate plan with an attorney to protect your assets and avoid costly mistakes.

5. Your estate plan is old.

If you created your plan more than five years ago a review may be necessary to ensure that it is compliant with current state laws. Outdated documents should also be reviewed to ensure that the proper people are included in your plan.

And remember, this is what an attorney is for. If you want to see if your plan needs to be updated, please do not hesitate to call us.

We specialize in educating and helping you protect what you have for the people you love the most. Join us online at our next live webinar to learn more about how we can help you and your family.


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