When should I update my estate plan?

On Behalf of | Apr 21, 2020 | Estate Planning

Washington residents with an estate plan already have a head start. But understand that your life is not static. Because of that, your estate plan should not remain unchanged either.

Today we will look at reasons to update your estate plan. We will examine points in life when most people update theirs. From there, you can make informed decisions on when it is best to update yours.

Life changes and estate plan updates

Forbes lists some reasons to update an estate plan. Before we begin, it is important to mention that you do not need a reason to change your estate plan. You can edit it for any reason at any time. But since it is a process that takes time and effort, people tend to wait until they need to make changes. People who do not see an immediate need to make changes sometimes wait too long between edits.

Significant life changes drive most estate plan edits. For example, a change in family dynamic. Did you recently divorce? Chances are, you do not want your ex-spouse in your will anymore. Did you marry or re-marry? Then you will likely want to add that spouse in. Changes are also often made if you adopt or have children. A rarer scenario involves discovering that a family member has a disability. This disability renders them financially dependent.

Your finances and estate plan

Other big life changes involve finances. Did you lose money or go into debt in recent years? Did you gain assets through inheritance or by other means? You want to make sure your estate plan reflects what you have to give.

Ensure that it reflects the law in an accurate way, too. Laws change all the time. You do not want your estate plan invalidated because it relies on old, outdated laws.