Is your estate plan old enough to buy a drink?
If so, it’s probably overdue for a review. As National Estate Planning Awareness Week comes to a close, now is a great time to look at your current plan!
There are several reasons an old estate plan could require an update. Maybe your digital assets and information aren’t included in your plan. Technology has rapidly transformed how we manage our finances and digital assets. Your life circumstances may look very different, too. Maybe your plan has beneficiaries you wouldn’t choose if you were creating an estate plan today, or your agents are no longer capable of assisting with your affairs. Even if your plan isn’t technically vintage, any major personal life updates (such as marriage, divorce, birth of a child, or adoption) also make it a good idea to revisit your current estate plan.
So, what should you do with an outdated estate plan?
- Locate and review your will, trust, and all other estate planning documents you have.
- Review how your assets are titled, and all beneficiary designations in place.
- Think about digital assets and any new information you want to include in your plan.
- Schedule a meeting with an estate planning attorney to discuss an update.
Don’t wait for your estate plan to turn the legal age to drive, vote, or drink before you review it. Unlike for your kids, these milestones aren’t just ones to celebrate; instead, they’re signs of a much-needed review.
A properly-drafted estate plan might be timeless in its intentions, but not in its relevance. If your plan was carefully done, you probably don’t need to overhaul it. It may just need a few minor changes to make sure it still reflects your wishes and life circumstances. And if your situation has changed significantly, now may be the time to update your plan.