How Often Do You Need to Update Your Estate Plan?

Getting your estate plan in place can feel like a lot of work, and you might want to set it and forget it. But life is always changing and your estate plan (and your will) may need updating. This guide can help you make sure you know when to update your estate planning.
According to the American College of Trust and Estate Counsel, here are some scenarios where you’ll want to make sure your estate plan still meets your needs.
As your children get older and (hopefully) more responsible, you may want to review their roles in your estate plan. For example, you may have named your parents as executors or trustees. Maybe it’s time to change the executor, or to decide if you still need a trust.
On the other hand, maybe you have an adult child with a substance abuse problem. You may want to reframe your estate plan to provide for them as best as you can without giving money to an adult child who you don’t think will use it responsibly.
In most cases, if you get divorced, your ex-spouse is no longer entitled to an inheritance from you. But it’s still a good idea to review all of the documents in your estate plan and replace your ex-spouse and any members of their family if you no longer want them to play roles in your estate.
Most of the time, you don’t need to change your will when you move between states. But other parts of your estate plan, like your living will, power of attorney and health care proxy, may need to be updated or replaced so they meet the requirements of your new state.
Before you sell a business, talk to your estate planning attorney or advisor. There are a lot of tax planning aspects to consider. It may be better for your estate if you make gifts to your children or charities, and your advisor can help you understand the pros and cons.
It’s a good idea to review your estate plan every few years, to look for changes you might not remember to make. For example, maybe someone who plays a key role in your plan is no longer able or willing to serve.
Taking the time to make sure your estate plan is accurate can help keep your family from dealing with difficult situations after you’ve passed on.
At Farm Bureau, we understand that your estate plan is your blueprint that helps your loved ones carry out your wishes. Review your estate planning checklist with one of our experienced professionals to make sure everything is up-to-date and nothing is overlooked. We’re here to make tough situations easier for you and your family.