Should You Update Your Estate Plan? 

Here's When You Should Consider It

Your estate plan should generally be reviewed every two years to determine whether it needs to be revised or updated. Additionally, if any of the following life events or financial developments occur, you’ll probably need to update your estate plan (viz., your will, health care documents, powers of attorney, life insurance coverage, and post-mortem letters).

• Divorce,
• Marriage,
• Birth/adoption of child,
• Death of spouse or child,
• Sale of present residence,
• Purchase of new residence,
• Retirement,
• Move to another state,
• Major increase or decrease in personal assets, or
• Enactment of new tax laws.

Upon the occurrence of any of these events, you may need to:

• Revise your will or trust instruments to change beneficiaries or bequest amounts,
• Change your executor,
• Reassess your life insurance needs,
• Add or change a power of attorney,
• Change your post-mortem letter to reflect new assets, changes in executors, or other changes, and/or
• Change legal documents to comport with state laws (if you move to a different state),

There may be other steps you should take based on your particular situation. Professional guidance may be helpful here.

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