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It may be time to review and alter your estate plan

When you create an estate plan, do so with the idea that you'll have to make changes in the future. This guarantees that you're always on the lookout for any changes that will benefit you and your loved ones.

You have the final say in regard to when you review and alter your estate plan, but here are some times when it makes sense:

  • Divorce or marriage: If your marital status changes, your estate plan shouldn't be too far behind. For example, once you get married, you may want to name your spouse as your only beneficiary.
  • Change in state laws: Don't turn a blind eye to any new state laws, as these can impact your estate plan. Just the same, if you move to another state, you should review your estate plan, as the laws are likely to be different.
  • Something has happened to your executor or trustee: This person is responsible for administering your estate plan upon your death, so it's important to always have the right person named. If you have a falling out with your executor or trustee, it may be time to make a change. The same holds true if this person has become seriously ill or passes away.

If you have any reason to believe it's time to review and alter your estate plan, do so as soon as possible. Putting this off could lead to trouble for you and your loved ones down the road.

When you understand your current estate plan, including your legal rights and the changes you want to make, everything should come together with the help of an experienced attorney.

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