Creating your estate plan is a good first step to protecting your family and loved ones after you pass away. However, once your plan is created, it does not mean your work is done.
Your estate plan is essentially a road map that lets people know what you want to happen with your assets after your death. However, it is unlikely for your situation to remain the same for the rest of your life. As things in your life change, you need to update your estate plan to reflect these changes. To do this, you must review the plan often and make changes as needed.
Common areas that require updating in an estate plan
For most people, the main areas of change in an estate plan are the beneficiaries and the assets they receive.
It is not unusual for people to come and go from your life. Because of this, you need to review and update your estate plan any time someone named in the will dies, becomes estranged, gets married, has a child or there are important changes to your assets.
You may also need to periodically review any appointments you have made. For example, is your chosen executor still the right person for the job? Are your powers of attorney still the way you want them to be?
Your estate plan is not a set-it-and-forget-it plan
Creating an estate plan is a great first step to protecting your family and assets after you pass away. However, these documents will require updates throughout your life. Knowing your legal rights and options, you have to update your estate plan will help ensure your wishes are followed after you die.