As a responsible adult, you understand that preparing for your future and your family’s future is a must. Part of this is creating an estate plan.
However, once you create your estate plan, you may forget about it. This isn’t a set-it-and-forget-it document. To ensure that the information contained is accurate and up to date, it’s necessary to revisit the documents from time to time.
Changes in your life
When you create a will and other estate plan documents, you focus on what you want to happen with your assets when you pass. However, you are also naming the people in your life who will get these items. Chances are that your life will change from time to time. You may get married, divorced, or have children.
You need to update your estate plan regularly to reflect any changes like this that occur. By doing this, you can feel confident the people who are currently in your life will receive your assets when you pass.
Adding documents to your estate plan
You may also want to add new documents to your estate plan. For example, are you concerned about potential incapacitation due to an illness or accident? Or did you receive an inheritance or some other windfall that you want to ensure is distributed responsibly? If you are in these situations, revisiting your estate plan and adding the needed documents is necessary.
Keeping your estate plan updated
While it may seem unnecessary to revisit your estate plan often, you should try to do this when you have a significant change in your life. It will help ensure that the information is accurate and that your documents are updated with the latest information pertaining to your life.