With changes taking place so often in our lives, it is a good idea to keep reviewing and updating your estate plans. In general, there is also a guideline that encourages you to review your estate plans every three to five years if a major event takes place in your life. Remember that it depends on you, and you can choose to do this annually, semi-annually, or quarterly. If you are thinking of getting it done, you can reach out to an estate planning attorney here.
When to review your estate planning documents?
So, what are some events that call for an estate planning review? Some major events include having a new baby or adopting a kid, when your grandchild reaches adulthood when a family member needs money for education, the name of the guardian who will take care of your kids when you pass away, or after any significant financial challenges. Some other major events may include divorce or separation, a spouse’s incapacity, changes in long-term care plans, or buying a new house.
The events mentioned above are significant, and if any of these things have happened recently, you should see if any modifications are required.
Other circumstances:
Apart from the ones mentioned, some other circumstances include taking a sizable amount of loan, there being a significant change in the valuation of the assets, and you or your partner inheriting an asset as a gift. Or it could be any changes in laws, the passing of a family member, or a new job/
To make sure that there are no complications later on and the right heir receives the assets on your passing, it is crucial to make sure the estate planning documents are up to date. If you feel delaying the process won’t matter as much, you couldn’t be more wrong, as misfortune does not come knocking on your door.
Final thoughts:
While it is true that estate planning is very time-consuming, it is still a very important part of financial planning as it safeguards both your family and your interests. If you already have a sound estate plan in place, you are doing great. If you are yet to start the process, now is the time to get started. Don’t delay too long and get in touch with an estate planner today near you in Texas for help.
