Estate planning can a very emotionally taxing process for Oregon residents who are reluctant to think about passing away. However, reviewing your estate plans can be crucial for making sure that your wishes are carried out after you’re gone.
After you create your estate plan, things may change in your life, so it’s important to keep the plan updated. New children or grandchildren, a new spouse or changes in your job and finances could require changes in your estate plan.
What can happen if you don’t update your estate plan?
An estate plan can become out of date for a lot of reasons, including remarriage or a loss of asset. This can cause confusion when it comes to who gets which of your assets. It can also mean that your assets end up getting stuck in probate court or people are able claim your assets when they shouldn’t. For example, if you don’t update an estate plan after a divorce, your belongings might go to your former spouse instead of your children.
How often should you update your estate plan?
People should update their estate plans often. Usually, sitting down with a lawyer or estate management team to go over your estate plan every so often is the best way to make sure everything is updated.
Depending on your situation, you may want to update your estate plan more or less often. For example, if you know you may be nearing the end of your life soon or want to ensure that your plan is updated in case of an accident, you may consider updating it every quarter. Healthy people might consider updating their estate plan only once a year. Someone with a simple estate might update their plan only when life changes occur, like a death in the family, divorce or a change in assets.
Frequently updating your estate plan can save your family time and money down the line. Make sure that you’re regularly checking your estate plan and updating it accordingly.