Is it time to review your estate plan?

On Behalf of | Jun 16, 2021 | Estate Planning | 0 comments

Reviewing your estate plan is an important part of your end of life plan. In fact, it is just as crucial as creating the plan in the first place. After all, an outdated plan that does not reflect your current wishes is as good as having no plan at all.

So how do you go about reviewing your estate plan? Is there any particular way you need to tackle it? How do you know when the time is right?

When should you review?

When it comes time to start your review, Forbes has a list of areas in your estate plan you can focus on. But first, you must decide when to tackle your review. Experts generally suggest looking it over once every three years. This only applies if you are not facing any major life changes, though.

If you are undergoing life changes, you want to review the aspects of the plan relating to that change as soon as possible. For example, say you are getting divorced. You likely have your ex-spouse listed as a beneficiary. You probably named them in your will and trust, and maybe in life insurance plans. You likely share joint accounts, too.

Can you streamline the process?

After the divorce, you may want to remove them from some or even all of these aspects of your estate plan. The sooner you do it, the better, since no one knows what life will bring them. You may thus want to consider contacting legal help to get you through the situation. They can provide guidance and aid, which leads to a smoother estate planning experience.

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Carol Sikov Gross is a member
of the National Academy of
Elder Law Attorneys

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