Change is inevitable, and it is likely that you will experience several significant life changing events over time. As these life changes occur, your estate plan will need to change as well. Keeping your estate plan up-to-date is vital to ensure that your plan reflects your current wishes and future goals for yourself and your loved ones.
While the reasons may be endless, here are a few major life events that may require you to change your estate plan:
- A marriage or divorce
- The birth of a child or grandchild
- A major health event
- The death or incapacity of a loved one
- Acquiring new assets
Absent of the above circumstances, it is recommended that you review your estate planning documents every three to five years. Failure to maintain an existing estate plan cause significant problems for your loved ones after you pass or become incapacitated.
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Because laws change and life events will likely take place, we encourage you to review your estate plan on a regular basis. If your circumstances have changed since you signed your estate planning documents or if it’s been more than five years since you last looked over your plan, contact the experienced estate planning attorneys at Bratton Law Group today to update your estate plan and make sure you and your family are properly protected.