Despite the importance of drafting an estate plan, it is something that many Americans have yet to do. In fact, over half of all eligible adults have no estate plan.
Even if you have made that step and drafted a plan, estate planning is a constant process. Your estate plan needs to remain current and reflect your true wishes. How often should you review your estate plan?
The general rule
An estate plan is unique to each individual. Thus, there is no set rule for how often it should be reviewed. However, it is advisable to review the plan every year or two to ensure that it is in line with your current wishes. Here are some more reasons to review an estate plan:
- Changes in your relationship- In all likelihood, your current spouse or partner will be a key person in your estate plan. If you’ve entered a long-term relationship then you may want to review your estate plan. At the same time, if you have recently separated from your partner, you may also want to make some changes.
- Unsuitable roles in your plan- For your wishes to be carried out upon your death, key people will need to act appropriately. For instance, the executor of your will needs to ensure that your final wishes are honored. If you’ve had a change of heart in terms of who you want to be the executor, you can alter this by reviewing your estate plan.
- Relocation- The laws on estate planning tend to vary from state to state. Thus, if you have recently moved to Indiana, you might want to review your estate plan to ensure that it is legally valid.
These are just some of the key reasons to review your estate plan. As you make changes, it will benefit you to have sound legal guidance on your side.
