Is it Time to Update My Estate Plan?
Taking the time to create an estate plan is an important part of life. It’s also important to make
sure that your plan continues to meet your needs throughout your lifetime. This is why it’s
beneficial to review and update your plan on a regular basis. We often have clients who are
unsure when it’s time to make changes to their planning. We’ve outlined important information
below to better explain when it’s important to make updates. If you have any questions, or if
you’d like to review your estate plan, contact an estate planning attorney.
If you haven’t looked at your planning in a few years, now is the time to do so. Everyone should
review their plan every 3 to 5 years. Your attorney will be able to walk you through a review to
make sure that your plan still meets your needs. If changes need to be made, your attorney will
advise you on what needs to be done.
The 3 to 5 year updates catch ordinary changes in your life, finances, and goals. They also catch
changes in the law and your attorney’s experience.
Life changes may require you to update your plan sooner. Take a look at some of the reasons for
planning changes below:
Welcoming a new child
New financial circumstances such as a new business or significant change in assets
Death of a beneficiary or trusted helper
Out of state move
If you don’t make changes in the above circumstances, your current wishes may not be respected
and your plan may not work. The wrong people may be given your assets and you may not fully
protect some of your loved ones. In other works, you may have a plan that is no long effective!
Don’t neglect your estate planning. Make sure that you make regular reviews and updates so
that you have the best estate plan possible.
Experienced estate planning attorneys Mobile AL of the Ryan Hicks Cumpton & Cumpton LLP
offers estate planning and business planning resources to residents of Mobile AL. To learn more
about these free resources, please visit www.epattorneys.com today.