Estate plans are not complete the first time you draft them. They are suitable for the present, but after three years or so, it is time to take another look. Your life can change in an instant. Life events can alter the nature of how your estate plan should be. According to Forbes, there are a number of reasons that it may be time to update your estate plan.
If you are unsure if you should consider a change in your estate plan, it is time to think of a few factors that may affect your plan:
- Your assets had a significant value change
- You married someone new
- You moved to a new state
- Your trustee or executor is no longer right for the job
Any change to your estate’s composition or to your assets should warrant a check of your estate plan. You need to ensure that the division of your property is still how you want it. Likewise, if you remarry, you may no longer want your assets to go to your former spouse and you may want to change what your new spouse receives. Whatever the case, a new marriage is always a call for a change in plans.
One main factor that people sometimes overlook is the trustee or executor no longer being a suitable choice. While it takes a lot of work to find the right trustee or executor, what do you do if you have a falling out? What happens if an executor or trustee passes away? There are many circumstances where you may need to rethink who your executor is and who to change it to.