2 strategies for reviewing your estate plan

On Behalf of | Mar 12, 2024 | Estate Planning

One estate planning mistake that people make frequently is that they don’t review their plan once they put it in place. It is a problem to put off estate planning for too long, procrastinating and risking passing away without a plan. However, it is also an issue if you create an estate plan and then allow it to become outdated over the coming years or even decades.

Fortunately, you can always make updates as needed. It’s important to be proactive about this. Here are two different tactics that you may use.

Setting up a schedule

You could establish a schedule for conducting a review. Maybe you want to look over your plan annually or every two years. You may not always have to make updates to the plan, but the review gives you a chance to consider whether or not that would be beneficial. This helps ensure that the plan is still current – although life can change significantly between reviews.

Considering life events

Another tactic is to do it whenever life events warrant. These events tell you that your plan needs to be adjusted in certain ways.

For example, you may need to add beneficiaries to the plan when children or grandchildren are born. You may need to update your plan if you’re diagnosed with dementia, cancer or another serious disease. It may be necessary to make an update because you got divorced or remarried. There are many different examples of life events that can cause your standing estate plan to become outdated.

A comprehensive and up-to-date plan helps things go more smoothly for your family if you are ever no longer able to care for yourself and when you pass away. Having professional estate planning guidance can help you make changes as needed.