Reasons Why You Should Review Your Estate Plan This Year
Estate plans are intended to evolve as major events occur like births, deaths, and divorce. You should not think of the terms of your estate plan as written in stone. Instead, you should plan to review and revise your estate plan every few years. You should also make sure to examine your estate planning document after major life events occur. The following are some important questions you should ask yourself when you perform your regular estate plan review. Potential Changes to Estate Distribution Plans Various events including the birth and death of loved ones can end up shaping how you would like to pass on assets. While reviewing your estate, one of the best places to begin is to ask yourself whether your estate plan still effectively passed on your assets in a way that conforms with your wishes. If you got divorced or married, you should make sure that your estate plan fully considers your new spouse. If you have had children since you last revised your estate plan, you should consider how you would like to pass on assets to your children. Or, if your children have had children since the time you last wrote your estate plan, [...]