An estate plan is an important asset that should be updated as time goes on. Ideally, your estate plan should be reviewed annually or even quarterly, although it’s acceptable to update it at least every three to five years or when there is a life event, according to Fidelity.
What qualifies as a “life event?” Things like:
- Marriage or divorce
- The birth of a child or grandchild
- A purchase of a home
- Moving out-of-state
- A death in the family
- Career changes
- When you receive an inheritance or significant asset
- And more
There are all examples of life events that should make you pause and review your current estate plan.
Any large life changes will have a direct impact on your estate plan, and sometimes for reasons you may not even be aware of. When you have an important life event, it is best to consult with your estate planning attorney for the best plan of action.
Remember, life is dynamic. Things are constantly changing. If you haven’t reviewed your estate plan in a while, it might be time to seek counsel from your attorney to make it is up to date.
Last Updated on August 11, 2023 by The Orlando Law Group