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Why you should revisit your estate plan every 3 to 5 years
It may have been several years since you first made your estate plan. If that is true, then your estate plan is likely long due for a review. It is often recommended to revisit and, if necessary, update your estate plan every 3 to 5 years. This is typically how long it takes for people to accumulate new assets that can be included in their estate plans.
You can update your estate plan for any reason. Here are a few reasons you may need to make changes:
3 other reasons to make changes to your estate plan
In addition to reviewing your estate plan every 3 to 5 years, any big life event may cause you to consider altering your estate plan. Here are a few that might affect you:
- Marriage/divorce:Â You may consider adding a spouse to your estate plan so they can benefit from your estate. It may also benefit you to name a spouse as a power of attorney if you trust them to have your best interests when they act on your behalf. These decisions may need to be altered if you divorce your spouse.
- Childbirth/adoption:Â If you are a new parent, you may consider altering your estate plan to include your child. You may consider naming a guardian for your child. Or, you could create a trust that is meant to help your child financially as they get older.
- Medical issues:Â You may develop a medical illness. You may need to alter your estate plan to help instruct your long-term health care.
In addition to reviewing your estate plan every 3 to 5 years, any big life event may cause you to consider altering your estate plan. Here are a few that might affect you:
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