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How often should you review your estate plan?

On Behalf of | Apr 11, 2023 | Estate Planning |

Completing an estate plan is a major achievement. Unfortunately, according to reporting from CNBC, only approximately 33% of Americans have finished the estate planning process. If you are one of them, you should resist the urge to stash your estate plan away forever.

To ensure your estate plan continues to match your genuine intentions, it is important to review and update it occasionally. Most estate planning professionals recommend doing so every three years or so. In certain circumstances, though, it is advisable to review and update your estate plan immediately.

Relocating to a different state

Estate planning laws and rules may vary from state to state. Consequently, if you relocate to a different state, it makes sense to investigate whether your estate plan is still valid. In your new state, you also might have different planning options that better align with your goals.

Changing the makeup of your family

It is not uncommon for Americans to marry, divorce or have children. Someone in your family also might have died since you drafted your estate plan. Put simply, if the makeup of your family has changed, it is wise to revisit your estate plan.

Experiencing financial changes

Your assets and debts are likely to fluctuate throughout your lifetime. Remember, if you have acquired or lost assets recently, your estate plan may be out of date. Reviewing your estate plan allows you to make changes to reflect your current financial circumstances.

Ultimately, to avoid dying with an outdated estate plan, you should commit to reviewing and revising your plan whenever anything it addresses changes.