How Often Should I Update My Estate Plan?

How often one should update their estate plan is a mystery to many. Our estate planning attorneys believe you should consider reviewing your estate plan every three years or after significant life events. Regardless, you should never go longer than five years without reviewing your plan and making necessary changes.

Which Life Events Should Trigger an Estate Plan Review?

Change happens to all of us, but not every event requires a complete overhaul of your estate plan. Our experienced legal advisors recommend updating your estate plan after any significant changes in your income or finances, as well as after a marriage or divorce. If you or your spouse becomes ill or disabled, you receive a large inheritance, or the IRS enacts new tax laws, it may be a good time to review your plans. Moving to a new home also affects your estate plan, as estate laws vary by state.

What if I Want a New Executor or Trustee?

Choosing a new executor or trustee is also an ideal time to update your estate plan. Whether you no longer feel comfortable with the person you previously chose, or they are since deceased or incapacitated, you should identify and document a new personal representative. You must also update your Will if one of your beneficiaries passes away.

Call Now for Advice on How Often You Should Update Your Estate Plan

There are many reasons why you should update your estate plan now. Regularly reviewing these documents ensures they remain current and aligned with your circumstances and intentions. If you have been wondering how often you should update your estate plan, contact our legal team at Veliz & Associates, P.A. We are a nationally recognized leader in estate planning and could help you make necessary changes to your estate planning documents.