Oregon residents create estate plans and then sometimes leave things at that. Despite this, you should be updating your estate plan many times in your life. Today, we will look at some of the reasons why you may want to update your estate plan. We will also look at whether or not you need a reason to update at all.
Forbes looks into how residents handle estate plan updates. Many individuals know that they should have a more comprehensive estate plan. However, they do not know how to identify the “right” time to update. Their lives are always too hectic, or they are not in the right mindset, or they do not know what to change. Because of this, their estate plans sit untouched for years or even decades.
The first thing to understand is that you can update your estate plan at any time for any reason. People often wait until a major life change, but this is not necessary. If you feel like checking your estate plan and find something you wish to fix, you can change it then and there.
If you are looking for reasons to update your estate plan, pay attention to the flow of change in your life. Some changes make it crucially important to make updates. This can include getting a divorce, adding a child to your family or moving to another state. Any time you add or remove people from your life, you will also want to add or remove them to your plan. The same goes for state and national laws. Make sure your estate plan is compliant with all laws so your loved ones can carry out your wishes.