Securing an estate plan is one thing but ensuring that it is current is another. Your circumstances will likely transform through the years. So, if your plan does not reflect the changes in your life, it might not accurately address how you want things done when you pass away.
Some prefer to update their plan yearly or every three years. Ultimately, as long as you do it regularly, it comes down to how you want to respond to unforeseen yet significant events that happen to you.
Reasons to update your estate plan
Major life events are unique to every person. Thus, there are countless ways that can necessitate revising an estate plan. Some of them may include when you:
- Get married
- Have children, grandchildren or in-laws
- Venture into a business or sell an asset
- File for divorce, remarry or become a widow
- Mourn the death of a loved one
- Move to another state or place with different estate rules
- Become estranged from some loved ones and want to remove them as beneficiaries
Another possible reason to revisit your estate plan is if new laws apply to your situation, such as developments in tax legislation. It may also be that the executors you appointed can no longer perform their expected duties because they become incapacitated or die. So, you may consider having your adult children assume the position.
Your estate plan must evolve with you
There is no one-size-fits-all approach when updating an estate plan. The composition of finances and families evolves differently per individual. But with all the moving variables involved, you must not risk going through the process alone. Having a Colorado representative advising you of your legal options can prove invaluable, especially if it is your legacy on the line.