Undoubtedly, most people would agree that important plans should be reviewed and revised from time to time. For example, if you made plans for a vacation at the end of the year, chances are you needed to arrange transportation, make reservations, pack your belongings, and ask for time off from work. Even if you're done planning your vacation, you will likely review the plan from time to time to ensure you don't need to make any adjustments or changes.
While most don't have any trouble seeing the importance of revising vacation plans from time to time, many people don't harbor the same notion when it comes to their estate plans. Just as you should review your plans to ensure your vacation goes just as planned, you need to review your estate plan.
When to review your estate plan
If you're wondering whether you should review your estate plan, here are three types of life events that could serve as an excellent opportunity to make modifications.
- Change of plans - The best opportunity to review your estate plan is when you change your mind about any aspect or element of the estate plan. For example, if you decide you want your estate to be distributed a different way or you want to make changes to how your medical care should be approached, you should contact a lawyer to make the changes right away. Life is unpredictable, so you don't want to wait to make changes to your estate plan.
- Family changes - Another great opportunity to update your estate plan is when family changes occur. Death, birth, divorce, and marriage can all impact your estate plan. Update your estate plan to ensure that all appropriate parties are removed (when it comes to divorce or death) or represented (when it comes to marriage and birth).
- Change in financial circumstances - Due to the volatile nature of the economy, a lot of things can change when it comes to your financial circumstances. Therefore, you want to update your estate plan from time to time to reflect these circumstances. If you win the lottery, amass major debt, lose your job, or receive an inheritance, you should make changes to your estate plan so that it still reflects the condition of your estate.
As stated above, life is unpredictable. Therefore, you want to make changes to your estate plan from time to time before the need for changes grows to the point that you won't be able to make them in time.
If you want to make a change to your estate plan, you should contact an attorney as soon as possible to ensure that it is done correctly. For more information about estate plans or a free consultation, contact an attorney from Dwight W. Clark, LLC.