Too many people meet with an attorney once to craft an estate plan and then never revisit their decisions. If you never reconsider your estate plan, significant problems can arise. It is important to review your estate plan every few years to ensure that it best reflects your current wishes.
Situations where you may wish to revise your plan
Anytime you experience a significant change in your life, you should consider making updates to your estate plan. For example, if you remarry, you will likely want to change your beneficiaries. But remember, a comprehensive estate plan is about more than deciding who receives what.
Changes to your health are another situation where you may wish to make updates. Your medical wishes may evolve as you grow older. You should update any advanced health care directives and powers of attorney documents to reflect your current preferences.
Meeting with a skilled professional can help you determine your options and help you refine your wishes to match your current situation.
Making updates now can avoid problems in the future
You may only need to make your estate plan and never update or revise your plan. However, it is always a good idea to occasionally look things over. Making updates now can help your family avoid will contests. It can also provide you with the peace of mind that comes with knowing your wishes will be honored.
