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How Often Should I Review My Estate Plan?

So, you’ve made an estate plan. Great, now you don’t have to think about it ever again! 

Not so fast. Creating an estate plan isn’t like checking something off your to-do list. An estate plan is a living document that needs to be reviewed and adjusted as you move through the major milestones of your life.

How do you know when it is time to adjust your estate plan? At The Law Offices of Stephanie Hon, we have some tips to help you understand when you need to review and make changes to your estate plan.

 

Review Your Estate Plan After Major Life Events 

One of the easiest rules of thumb to follow when it comes to your estate plan is to review it after every major life event or milestone. It’s easy to remember important life events. It should be easy to remember when you need to update your estate plan. While not every life event will warrant making changes, it is good to get into the habit of reviewing your plan when something big happens to you or your family. This helps keep estate planning at the forefront of your mind and prevents it from becoming an afterthought. Events that may trigger a review of your estate plan include:

  • Marriage
  • Divorce
  • Birth or adoption of a child
  • Change of job or financial situation
  • Significant health changes or illness
  • Changes in educational needs
  • The purchase of a new asset or real estate
  • Selling a major asset
  • Receiving an inheritance
  • When children become adults

These are only examples of significant life events that may trigger you to reexamine your estate plan. You may have other events happen throughout your life that require you to rethink your future. An experienced personal family law attorney can help guide you through amending your estate plans no matter what life throws your way.

 

Use the Three to Five Year Plan

Sometimes using major milestones to gauge your estate planning can be difficult. When a significant life event happens, you may not have the time to sit down and review your estate plan. Life can come at you fast. 

That’s why you should also choose to review your estate plan every three to five years. During this time, you can make changes based on your new needs if you were unable to address life events when they happened. The three-to-five-year rule is also helpful even if you haven’t had any life changes. As you grow and evolve as a person, you may have different views on beneficiaries, how assets should be divided, which charitable organizations should receive some of your assets, and your ultimate goals for retirement. Changing viewpoints may impact how your estate and retirement plans are set up.

 

Follow Up with an Experienced Personal Family Lawyer 

Reviewing or altering your estate plan doesn’t have to be complicated when you have an attorney you can trust on your side. The legal team at The Law Offices of Stephanie Hon can guide you through the estate planning process. We always consider your unique needs and will help you make plans that work for you when you need them the most.

 

Ready to feel more confident about your future? Call us at 512-888-9378 or contact us online today to set up a private meeting to discuss what matters most to you.

Stephanie Hon

Author
My goal is to be your trusted advisor who helps you make the very best personal, financial and legal decisions for you and your family throughout your lifetime.

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Disclaimer: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.