Life changes quickly. People get married, babies are born, homes are purchased, and financial goals can shift. All of these changes can affect your long-term wishes. That’s why it’s essential to update your estate plan regularly to ensure your assets, healthcare decisions, and legacy align with your current circumstances.
An outdated plan can lead to confusion, disputes, or unintended consequences for your loved ones. Whether you’ve recently experienced a major life event or it’s simply been a few years since you last reviewed your documents, knowing when and how to update your estate plan is key to protecting what matters most.
In this blog, we’ll explore when it’s best to revisit your plan, whether you can make these changes yourself, and how an estate planning attorney can help ensure the document is legally sound.
Is Updating Your Estate Plan Essential?
Once you’ve written your estate plan, you may not consider updating the plan. However, choosing to disregard major life changes and letting your plan go unupdated can have dire consequences. Life changes can happen incredibly quickly, and not accounting for them can leave your estate in the hands of the state.
Even if you think your estate plan is comprehensive and no changes need to be made, it is important that you review this document every 3 to 5 years. By reviewing and updating it every few years, you can be confident that your estate and legacy are protected and that your wishes will be followed when you’re no longer here.
When Should You Update Your Estate Plan?
There are several key moments throughout your life when you should update your existing estate plan. The most common time to update your estate plan is following a marriage or divorce. When you get married, your spouse becomes the legal heir to your assets unless otherwise clarified within your estate plan.
If there are certain assets you’d like to go to someone other than your spouse, or if you’ve divorced, it is essential that you make changes to the document to ensure it reflects your wishes. You may also want to update your estate plan after:
- The birth or adoption of children
- Out-of-state moves to reflect state-specific estate laws
- The death or estrangement of an executor or trustee
- Opening or closing a business
- Children and other care dependents reach adulthood
- Purchasing a new home or other property
- Illness diagnosis or disability of you or a spouse
If you are even considering updating your estate plan, it is in your best interest to make these changes. It is better to make updates than to leave gaps in the plan.
Can You Update the Plan on Your Own?
If you’ve recently experienced a major life change, whether you got married, divorced, had children, or moved, it is important that you make changes to your estate plan to accommodate these changes. Individuals who’ve gone through these life changes may consider making adjustments to their estate plan on their own.
However, when you update your estate plan, it is always in your best interest to work with a trained estate planning attorney. As simple as it may seem to make essential updates, the risks associated with DIY estate planning are far too high to be worth it, especially if you have no experience in this area.
The biggest risk of DIY estate plan updates is the potential to fail to meet your local legal requirements. Every state has different rules regarding the proper execution of a will, including witness signatures and notarization. You may also use improper or unclear language throughout the document, which can lead to misinterpretation.
Instead of attempting to update your estate plan without professional support, don’t hesitate to reach out to a trusted estate planning attorney. They can ensure the updates adequately reflect your life changes and may also notice other problems you didn’t realize had arisen since your estate plan was initially executed.
What to Include in Your Estate Plan
Whether you’re about to create or update your estate plan, there are a few incredibly important things you should remember to include. This includes:
- A Will or Trust
- Healthcare Directives
- Power of Attorney
- Guardianship Designation
- Life Insurance Policies
- Funeral Arrangements
- Beneficiary Designations
- Succession Plans
By working with an experienced estate planning attorney, you can trust that none of these essential documents will be missed during the process. They will ensure your plan covers every aspect of your life and that your loved ones are cared for following your passing. Whether you’re trying to protect your assets or ensure a smooth transition in your business, these plans help ensure your estate avoids the probate process.
Are You Too Young to Have an Estate Plan?
While you might have recently gone through major life changes, you may also think you’re too young to have an estate plan. Although this may seem true, you are never too young to begin drafting and executing your estate plan. If you don’t have an estate plan in place, your loved ones will need to go through the court system before they can gain access to your assets.
Additionally, if you have children and are not married, your loved ones may not have a say in where your children go or who cares for them, which can lead to even more substantial emotional turmoil. Even if you believe you are too young for an estate plan, it is essential that you talk to an estate planning attorney to ensure your estate is protected.
Let Bishop Estate Law Help You Update Your Estate Plan
Whether you want to create or update your estate plan, you can trust that our team at Bishop Estate Law is here and ready to help. For years, we’ve helped people across Northern Utah create a plan that keeps their estates protected, now and in the future. From business owners with complex estates to individuals who need a simple estate plan, we’re the right choice for you.
If you would like to learn more about how we can help you create or update your estate plan, don’t hesitate to contact us.