A major step in the estate planning process is making regular updates during your life. Making changes to your estate plan can help to ensure the intent of your plan is kept aligned with your wishes. In other words, you can help ensure new assets are added to your estate plan.
Before you make any changes to your estate plan, here are a few things to consider:
When to alter your estate plan
It is recommended to update your estate plan every three to five years. This is about how long it takes for people to build up more assets. You can also assign the same or new beneficiaries to your assets.
Certain life events could also cause you to alter your estate plan. Did you get married? Did you get divorced? Did you have a child? Did your health change? These are all common causes to update your estate plan.
What changes to make
Once you have determined it is time to update, the next step is knowing what needs to change. While you could focus on changing assets and beneficiaries, you can also alter other parts of your estate plan. You could make a trust, for example, to protect your assets while you are alive and after you pass away. Or, you could change what role your power of attorney has.
How to make these modifications
Legal guidance is available when you are ready to make changes to your estate. By having legal help by your side, you can learn more about what you can do.
