Nearly 2.5 million Americans die each year, and many haven’t signed the basic documents needed to protect loved ones. But let’s say you took this important step. How often do you need to revisit your estate plan?
Estate planning is not a single event, but rather a lifetime process. As long as you’re living, your life, your interests, and your plans are changing, growing, and adapting; you simply need to keep the paperwork current.
It’s a good idea to review your estate planning at regular intervals. But there also are certain life events that could trigger the need for review and updates. Forbes points out three of them in their recent article, “When Should You Redo Your Will”? The top three events listed in this article include changes in the law, impending good fortune, and financial setbacks.
Essentially, you really need to adjust your estate plans whenever your life or finances change. Another recent Forbes article offers the “5 Life Events That Require An Estate Planning Review.”
Their handy checklist says you should review your estate plan when:
- You get married.
- You get divorced, or your spouse dies.
- You purchase or refinance a home.
- You open new savings, bank or investment accounts.
- You have new children or grandchildren.
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Here is my informative (and brief) video on estate planning
Reference: Forbes (August 9, 2012) “When Should You Redo Your Will?”
Forbes (August 13, 2012) “5 Life Events That Require An Estate Planning Review”