Estate planning is necessary if you wish to have a say over what happens to your assets after you die and who makes decisions for you if you become incapacitated. But if you want your plan to continue to reflect your changing wishes and circumstances, it is vital to periodically review and revise it. Simply creating documents is not sufficient if your goal is to have an ironclad plan. We at L. Bruce Swiren, P.A help many clients make updates and additions to their estate plans as their lives change.
One of the main reasons to regularly alter your plan is the fact that families inevitably look different as time passes. Maybe you get a divorce or enter into a marriage after you develop your original plan. Perhaps you have a child or someone in your family passes away. Anything that changes your family dynamic should warrant an estate plan adjustment.
Another trigger for revamping your plan is a change in your assets or liabilities. Whether you experience business success or failure, a significant inheritance or an enormous amount of debt, you likely want to amend some aspects of your documents. Any notable increase or decrease in the value of your estate should result in a review. If you acquire a new asset, you may want to leave it to someone in your will. On the other hand, if you sell an asset, you may need to remove it.
Even if you do not experience major changes in your life, it is a good idea to look over your estate plan at least every few years. You can find more information about updating your estate plan on our web page.