Is it time to update your estate plan?

| Oct 27, 2020 | Firm News |

Oregon residents like you work hard to get your estate in order in the event of your death. It can take a lot of time and effort to create the perfect estate plan. Unfortunately, estate plans are not static creations, though. 

You want to keep your estate plan up to date with your life. This means deciding the opportune moments to review it and make the necessary changes. 

Updating your plan after life changes

Forbes looks at points in your life where you may want to review your estate plan. They revolve around major life changes. This can cover everything from moving to a different state to getting a divorce. 

First, if you go through any changes in your family, you want to make sure your beneficiaries reflect this. If you marry, remarry or adopt or have a child, you likely want them as beneficiaries. On the other hand, if someone passes away before you, they can no longer remain a beneficiary. You may also want to voluntarily remove living people, such as an ex-spouse or family member you fell out with. 

Managing your plan after financial changes

Next, update your plan if your financial situation changes drastically. Your estate plan manages your assets. As such, your assets are one of the most important things to keep on top of. After all, you do not want your estate plan addressing wealth you no longer have. You also do not want it leaving out newly acquired assets. 

Even if you have not gone through any recent major changes, experts still suggest reviewing your plan every 3 years. This gives you the chance to ensure that what you wrote is up to date with your current opinions, beliefs and life situation.