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4 Signs That It’s Time to Update Your Estate Plan

On Behalf of | Sep 15, 2022 | Firm News

Your estate plan is for life, but that doesn’t mean it’s not subject to change. In fact, if you don’t update your estate plan over the years, there’s a chance it won’t serve your interests or reflect your wishes anymore. With that in mind, here are four signs an update could be overdue.

  1. Relationships Have Changed

Over time, your relationships with the individuals named in your estate plan might change. If you don’t update documents such as your will to reflect your current relationships, there’s a chance your affairs may be handled by someone you no longer trust or wish to represent you.

  1. You’re Going Through a Major Life Event

Whether it’s marriage, the death of a spouse, or a divorce, major life events can affect your estate plan. For example, if your spouse had power of attorney over your affairs and passed away, you need a new representative. And if you get married or divorced, you may want to revise your will.

  1. You Have Children or Grandchildren to Think About

When children (or grandchildren) come along, you might want to set up trusts for them, appoint guardians, or leave them certain legacies in your will. You should always review your estate plan when your family grows to ensure your wishes are respected.

  1. You Haven’t Updated Your Estate Plan in a Few Years

If you can’t remember the last time that you changed your estate plan – or you’ve never updated it – then you should probably check if it’s still working for you. For example, there may be legal changes in force now which affect your financial goals, or you might require new medical directives to prepare for the future properly.

While there’s no rule for how often you should change your estate plan, consider reviewing it at least once every four or five years.

Update Your Estate Plan with At Ease Law

If you’ve been thinking about updating your estate plan, or you’re unsure whether changes are required, Attorney Barry can help. As an experienced estate planning attorney, Ms. Barry can help you make suitable amendments based on your short and long-term needs. Contact At Ease Law now on 702-602-5004 or reach us online to get started.