If you’ve already created your estate plan in Washington, D.C., you’ve made a great decision. After creating an estate plan, though, you shouldn’t forget about it. Once you’ve drafted your estate plan, you need to update it either at regular intervals or after major life events. Following are a few times when your estate plan may need updating.
What should you update?
Every estate plan is unique, so what you should update will depend on what’s already a part of your plan. The more detailed your plan, the more documents you’ll need to review. Your estate plan could include several important documents that you should review at least every few years, such as:
- Retirement plans
- Life insurance policies
- Your will
- Your living will
- Power of attorney
When should you make changes?
After a significant life change takes place, or every three to five years, you should update your estate plan. Some indications that it may be time to update your plan include:
- You get married or divorced.
- You or your spouse gives birth, or you adopt a child.
- There is a change in your personal financial goals.
- A family member becomes ill or disabled.
- You purchase a new home or another major asset.
- You receive a major gift or an inheritance.
- A beneficiary has died or experienced a change in circumstances.
How can you update your estate plan?
Reviewing your plan periodically and making changes after every major life event is very important. Estate planning can be incredibly complex since no two plans are the same. There may not be a one-size-fits-all approach to estate planning, but the process doesn’t have to be overwhelming. If you’re ready to plan your estate or update it, consider speaking to an experienced estate planning attorney.