When to Update


What is the point of doing an estate plan if I am just going to update it later? My answer to this frequent questions is that if you know for certain that you are for going to live another 30 years, then it makes sense to wait 25 years to make or update the plan. But, of course, no one knows that. We do estate planning not only to be prepared for death, whenever it may come, but to have peace of mind now so that we can enjoy living.

Happy Family

So the time to plan is now and thereafter I recommend reviewing your existing plan at least every five years.

According to the Wills, Trusts and Estates Prof, we should update our plans even sooner if the following are applicable:

  • Your financial situation changes
  • Your family changes
  • The death of a beneficiary
  • An executor or trustee dies or becomes incapacitated
  • You sell or gift assets in your Will
  • You buy or inherit assets
  • You begin holding assets that your Will cannot deal with
  • The entities or structures holding your assets change

See the entire article here.

Creative Commons License photo credit: amslerPIX

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