You might breathe a sigh of relief when your estate plan is completed, and you should commend yourself for completing such a large task, but it’s important to recognize that the estate planning process is ongoing. In fact, if you don’t revisit your estate plan from time-to-time, then you could be at risk of your assets being distributed in a way that’s contrary to your wishes and your loved ones’ best interests.
When do you need to modify your estate plan?
You should revisit your estate plan every year or two to ensure that it still meets your needs and your wishes. But here are some triggering events that warrant an immediate review of your estate plan:
- The acquisition of a new, large asset that you want to specifically address in your estate plan.
- Changed family dynamics that drive you to shift to whom you want to leave your assets and in what amount.
- Births, deaths, marriages, and divorces that could disrupt how your assets are actually distributed when the time comes.
- A changed desire in who you want to manage your trust or execute your estate.
- You move to a different state where the estate planning laws differ.
- You want to impose new tax saving strategies.
- You now want to motivate your loved ones to accomplish a goal before they acquire your assets.
Ensure your estate plan suits your wishes
There are a lot of justifications for modifying an existing estate plan. And you can tailor the process to suit your needs. You simply have to be aware when changes warrant modification and be cognizant of the estate planning options that you can use to your benefit. That’s why it’s wise to start considering what you can do to position your estate for success sooner rather than later.