Age Gracefully With A Plan In Place

When should you review your estate plan?

On Behalf of | Apr 12, 2024 | Estate Planning |

Planning for the distribution of your assets and managing your affairs after your passing is a crucial aspect of financial planning. After creating it, you must review your estate plan and update it when your life or situation changes in certain ways.

Life is dynamic, and significant milestones or changes may require you to update your estate plan. Events such as marriage, divorce, the birth or adoption of children or the death of a spouse or beneficiary should prompt a reassessment of your plan. Additionally, changes in your financial situation, such as receiving a substantial inheritance or experiencing a significant increase or decrease in assets, may necessitate adjustments to your plan.

Changes in your health and long-term care needs

Changes in your health status or long-term care needs may require modifications to your estate plan. If you become incapacitated and unable to make decisions for yourself, having updated documents is necessary to ensure someone you trust makes decisions for you. Review your plan to ensure it includes provisions for incapacity and addresses your current healthcare preferences.

Don’t forget beneficiary designations

Reviewing beneficiary designations on retirement accounts, life insurance policies and other assets is crucial, especially after significant life changes. Ensure that your designated beneficiaries are still aligned with your wishes and that any fiduciaries named in your plan, such as executors, trustees or guardians, are still capable and willing to fulfill their roles.

Regularly reviewing your estate plan can help to ensure that your wishes are known and followed after you pass away.