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When is a good time to update your estate plan?

On Behalf of | Mar 3, 2023 | Estate Planning |

Creating your estate plan is a crucial step in guaranteeing financial protection for your family. But it is not the final step. Very few people in Edina start estate planning at the very end of their lives. It’s more common to do it when we get married or have children. Life milestones like these can be an excellent excuse to start the process.

But as the years go on, parts of your estate plan could become inappropriate or out of date. People come in and out of your life. Marriages end, children are born. Your priorities can change as you age.

When to take a fresh look at your estate plan

Fortunately, you have the right to change your estate plan as often as you like. Experts recommend that you review your plan every three to five years or whenever you experience a major life event, such as:

  • Getting married or divorced
  • Adding a new child or grandchild to the family
  • The person you designated as guardian of your children has died or is no longer an appropriate choice
  • Your spouse becoming ill or disabled and unable to work
  • Buying a house or other major asset
  • Receiving a large inheritance or gift

The basic idea is, when the structure or circumstances of your family changes, it often means that your named heirs, beneficiaries and powers of attorney should change too. Otherwise, part of your wealth could go to someone, like a former spouse, who you would rather not get anything from your estate. Or a beloved family member could be inadvertently disinherited. By reviewing your estate plan from time to time and making necessary updates, you can avoid these kinds of outcomes.