When Should You Update Your Estate Plan?

When Should You Update Your Estate Plan?

If you have an estate plan, then you are already a step ahead of many people. However, just creating a plan in Michigan is not enough. You need to keep it current. Life brings about many changes, and your estate plan is not a one size fits all thing. As your life changes, so should your will and other estate documents to reflect the changes in your life.

Forbes suggests making changes to your estate plan at least every three years. You should always check your plan every three years even if you do not think any changes need to be made. You should also make changes if you have major changes in your life. For example, if you have a child, get married, get divorced, lose your spouse, or move to a different state.

In addition, if you have any changes in your assets, you need to update your estate plan. This includes adding more assets or selling assets. You should also make adjustments from time to time to your executor or if you have changes in heirs. Finally, you want to stay abreast of changes to tax or estate laws and how they may affect your current plan. You may need to adjust your plan accordingly.

In general, you just want to keep your plan up to date. It should reflect what is happening currently in your life. If you leave your plan without updates, it could cause issues when you die. For example, if you divorce your spouse but fail to change your will, your ex could end up with everything. So, keep that in mind. This information is for education and is not legal advice.