Ten Life Events That Signal It's Time to Review Your Estate Plan - Part 2

You might think that estate planning is something you can complete one time and then check off your to-do list for good. But the reality is that in order for your estate plan to work for you no matter how your life changes, your plan needs to change with it.

To make sure any big changes in your life are considered in your plan, I recommend reviewing your estate plan with your attorney at least every three years. But if any major life events happen before then, it’s crucial to have your plan reviewed as soon as possible so it can be updated if needed.

Earlier, we started to explore ten life changes that might affect your estate plan. This week, we’re covering five more life events that mean it’s time to review your plan.

Estate PlanningStephen PennerOctober 10, 2023Updating Your Estate Plan

Ten Life Events That Signal It’s Time to Review Your Estate Plan - Part 1

Maybe you thought that creating a Will or Trust is something you can do once and then your family and assets are protected forever after. It seems to be how most lawyers structure their services, so it wouldn’t be surprising if you did think this. You work with your lawyer, they draft documents, you bring them home in a binder or notebook, put them on a shelf or in a drawer, and you never hear from them again. Estate plan, done. But, it’s not, and thinking of it that way could leave your family with a big mess when something happens to you.

In reality, life events can drastically affect your estate plan and even cause your plan not to work in the way you intended. To make sure your plan remains up to date throughout your life, we recommend reviewing your plan at a minimum of every three years. Because we are so passionate about this, we offer to review our clients' plans every three years for free.

The Real Cost to Your Family: Not Updating Your Estate Plan

This is the fourth in an ongoing series of articles discussing the true costs and consequences of failed estate planning. The series highlights a few of the most common — and costly — planning mistakes we encounter with clients. If the series exposes any potential gaps or weak spots in your plan, meet with your Personal Family Lawyer to learn how to properly address them.

If you’re like most people, you probably view estate planning as a burdensome necessity — just one more thing to check off of life’s endless “to-do” list.

You may shop around and find a lawyer to create planning documents for you, or you might try creating your own DIY plan using online documents. Then, you’ll put those documents into a drawer, mentally check estate planning off your to-do list, and forget about them.

The problem is, your estate plan is not a one-and-done type of deal.

In fact, if it’s not regularly updated when your assets, family situation, and/or the laws change, your plan will be totally worthless when your family needs it. What’s more, failing to regularly update your plan can create its own unique set of problems that can leave your family worse off than if you’d never created a plan at all.

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