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    Home / Estate Planning / Is it Time to Review Your Estate Plan?

    Is it Time to Review Your Estate Plan?

    May 11, 2020Estate Planning

    Once you create an estate plan, you’ll wonder what took you so long in the first place. Not only does it give you and your family peace of mind, but it also provides you a greater sense of organization.

    But before you get too excited, here’s something to remember: your estate plan is likely to require some changes as you age.

    Your circumstances can and will change as the years go by. When this happens, you don’t want to wait to review your estate plan. You’re likely to find that a few changes are necessary to ensure that it remains exactly how you want it.

    Before we discuss specific times to review your estate plan, here’s a tip: make it a habit to review your estate plan at a certain time every year or every other year. The interval doesn’t matter nearly as much as getting into the habit of doing this.

    Now, let’s talk about some of the times you should definitely review your estate plan:

    • Family life changes, such as marriage, divorce, having a child, or adoption
    • Financial changes, such as if you won the lottery or received a large inheritance
    • Personal changes, such as if the executor of your will has passed away

    These aren’t the only times to review your estate plan, but they definitely call for you to take action.

    Take for example a situation in which you get divorced, remarry, and then have a child with your new spouse. This will alter your estate plan in many ways, so you need to keep it nearby as your life evolves.

    If you’re taking the time to create an estate plan, you should also take the time to keep it up to date.

    Should you have any questions as you review your estate plan, contact us for guidance. We’ll make sure you make the right changes at the right time.

    • Author
    • Recent Posts
    Kevin Kinghorn
    Kevin Kinghorn
    Kevin Kinghorn has been a practicing attorney in Tucson and southern Arizona since 1993. He has been certified as a Specialist in Estate and Trust Law by the State Bar of Arizona’s Board of Legal Specialization. His practice includes all facets of estate planning including trusts, probate, trust administration, Medicaid and VA planning, and business planning and formation.
    Kevin Kinghorn
    Latest posts by Kevin Kinghorn (see all)
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