How Often Should You Review Your Estate Plan?

Estate planning is an essential tool to ensure you are prepared for the future. However, it is not something you should create and forget about. Just as life is constantly changing, you may have to make some revisions to your estate plan as well, which is why you should periodically take some time to review it. Continue reading to learn more.

Reviewing and Updating Your Estate Plan

Depending on your circumstances, the frequency with which you should review your estate plan may vary. Generally, most people tend to review and update their estate plan whenever life substantially changes, such as a marriage, a divorce, or the birth of a child. However, even if you have not experienced any major life-altering events, you may still want to review your estate plan if it has been a while since you last looked over these important documents.

For most, the benchmark for how often an estate plan should be reviewed is 5 years. When you choose to review your estate plan, you should sit down with your attorney to discuss your current needs and goals. If your estate plan is no longer aligned with these desires, your attorney will advise you on what steps to take next to ensure your plan is appropriately adjusted.

Some of the things you may need to update include guardians for minor children, the executor, titles to assets, beneficiaries, and the order of the trustees. If everything is in order, of course, you will not have to make any changes. However, it is always a good idea to make sure your estate plan reflects your wishes, maximizes your assets, and minimizes the costs.

Sit Down with One of Our Knowledgeable Estate Planning Attorneys Today!

If it has been a while since you reviewed your estate plan, reach out to the legal team at Drexler Law for the advice and guidance you need. Our estate planning team has more than 100 years of collective experience, which we will use to your advantage. Whether you just got married or it has been several years since you last looked at your estate plan, you could benefit from setting up a consultation with one of our attorneys to review and update your estate plan.

Reach out to our law firm today at (719) 259-0050 to request a consultation with a member of our team to learn more about the estate planning services we are committed to providing.