How will you know when it is time to review your estate plan?
Once South Carolina residents actually get through the process of having an estate plan drafted and completed, they probably feel a great sense of relief and peace of mind. This is a task that many people put off for years longer than they probably should, with some never actually getting around to it. However, if you have your estate plan in place, it shouldn’t be filed away and forgotten. In fact, there are quite a few different events that might occur in your life that should lead you to consider whether or not it is time to review and, possibly, update your estate plan.
Time to update
As a recent article noted, a change in circumstances could justify a change in your estate plan. Depending on your age and your relationships, for example, these changes could happen quite often indeed. For instance, consider a single person who has a comprehensive estate plan. If that person were to get married, that is a huge change in circumstances, almost assuredly requiring changes to the estate plan. The birth of children is another change that could require an update to an estate plan.
But, adding binding relationships to your life is not the only time when an estate plan should be reviewed again. Deaths are also events that will probably lead to the need to update an estate plan. Any time your designated beneficiaries change, it is probably a good idea to update your estate plan.
As the recent article also mentioned, a change in your financial circumstances could also justify a review and update of your estate plan. Or, moving to another state is usually a good reason to update an estate plan, just in case the estate planning laws are different. Or maybe the tax laws have changed, for example. In short, whenever you find yourself thinking about how a major life event has changed your individual circumstances, you may want to consider how that impacts your estate plan and whether or not it is time for an update.