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When should you review your estate plan?

As challenging as it may be, it's satisfying to create an estate plan that you can trust. Not only does it ease your mind and reduce tension, but it's sure to do the same for your loved ones.

After creating an estate plan, you shouldn't put it away and hope that everything remains the same. Instead, it's important to regularly review your plan. Here are some times when it makes sense to take action:

  • Marriage or divorce: It doesn't matter if you tie the knot or dissolve your marriage, you need to review your estate plan for changes. You're likely to find a few that immediately make sense.
  • Having a child or adoption: If you have a child or adopt a child, there are things to change in your estate plan. For example, this is a good time to name a guardian, as you want to know that any minor children will be cared for in the event of your passing.
  • Major financial change: Maybe you receive a large inheritance, win the lottery or settle a lawsuit. If your financial circumstances change, review your estate plan to determine if you need to make any adjustments.

Along with the above, the simple passage of time is another reason to review your estate plan for changes. Even if everything checks out, it's good to review it, refresh your memory and have the opportunity to adjust anything that requires your attention.

As you review your estate plan, make note of any changes you can make for the better. From there, determine how to best proceed to ensure that your plan remains 100 percent legal.

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