Estate Planning is a vital tool in determining how your assets will be distributed after you have passed away. Not only is establishing an estate plan important, but keeping your estate plan up to date is just as important.
In general, you should update your estate plan at the very least every three to five years. Even if nothing major has occurred in your life during those years, it is good to check in regularly to make sure your goals for your estate plan have not changed. Additionally, you should update your estate plan after marriages, divorces, births and deaths of beneficiaries, and other major live events. While in some cases, a divorce may automatically trigger a change in your Estate Plan without you having to make a change, other assets may still pass to your ex-spouse against your wishes. You should also update your estate plan if you recently had children.
Your Estate Plan is a living mechanism for you to control the path of your assets up on your passing. Even if a life event hasn’t occurred, you may want to reconsider the structure of your Estate Plan, how your beneficiaries are inheriting assets, or if they are inheriting at all. There may come a time where you will want to change who your beneficiaries are, and it is imperative that you correct your estate plan if those changes occur.
The best advice for updating your estate planning is to always make sure that your estate plan is up to date after any significant life events or changes in your intentions for disbursement of your estate. The experienced attorneys at McNeely Law understand that importance, and will ensure that your estate plan is updated thoroughly and in a timely manner.
This McNeelyLaw LLP publication should not be construed as legal advice or legal opinion of any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own lawyer on any specific legal questions you may have concerning your situation.