When do you need to review an estate plan?

On Behalf of | Dec 13, 2021 | Uncategorized |

All adults should have an estate plan in place so that their loved ones can distribute their assets when they pass away. The estate plan can also cover what you want for your end-of-life care. It’s imperative that these documents remain up-to-date since they’re what the beneficiaries will have to relay your wishes after you die. 

Getting your initial estate plan in order can take time. Once you have it made, you should check it over periodically so you can be sure everything is still correct. Even if you don’t have any events that trigger a review, you should read over your estate plan every year or two. 

What events should lead to an estate plan review?

Certain major life events should lead to you reviewing the estate plan. Some of these include:

  • Death of someone named in the estate plan
  • Marriage or divorce
  • Birth or adoption of a child
  • Children becoming adults
  • Acquisition or sale of assets
  • Changes in retirement, investment or other financial accounts
  • Major changes in your financial situation
  • Moving to another state

Creating your estate plan is one step in the right direction, but this isn’t a “set it and forget it” task. Instead, you need to be sure that you plan to review the documents so you can ensure they still convey your wishes. Working closely with someone who’s familiar with California estate planning laws is important so you can ensure everything is set up in a way that’s legally binding. This should give you peace of mind knowing that your loved ones are cared for in accordance with your will if something happens to you.

Beverly Hills Bar Association
Super Lawyers
The State Bar of California
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