When Should You Update Your Estate Plan?

After you create your estate plan, you may think that there is no need to review your documents, or simply forget to do so. But many life events can change the structure of your plan. Read on to learn more about when you should update your wills, trusts, and related documents. 

Moving to Another State

The laws governing estate planning vary between states. If you move to another state with a complete estate plan, you should contact an attorney licensed to practice in that state to review your documents and ensure they comply with local laws.

Addition of New Family Members

As time goes on, new family members - such as children, grandchildren, or in-laws - may become a part of your family, and you may wish to designate them as beneficiaries. When there’s a new addition to your family, it’s helpful to review and update your documents to include them.

Divorce, Remarriage, and Death in the Family
If you experience a divorce, lose a family member, or get married to someone new, you might want to make changes to the beneficiaries or executors designated in your estate plan. 

Changes to your Assets or Liabilities
You may experience a change in your financial situation after you prepare your trust or will. When this happens, it’s recommended to review and update any documents that pertain to your finances and how they will be distributed amongst your beneficiaries. 

Every Three to Five Years

Numerous authorities on estate planning recommend reviewing your documents every three to five years with an attorney and/or financial advisor to make sure your plan is current and accurate. This will help you and your family avoid any surprises when it comes to executing your estate plan. 

If you want to review or make changes to your estate plan, contact us for a consultation today at 214-814-5123 or at admin@katherinekimlaw.com!