August is National Make-A-Will Month, making it the perfect time to review your estate plan. While creating a will is an important first step, it's just as important to keep it up to date as your life changes.
Many people create an estate plan and then tuck it away in a safe place, assuming it's complete forever. In reality, your estate plan should evolve along with your family, finances, and goals.
Here are five signs it may be time for a review.
1. Your Family Has Changed
Major life events often affect your estate plan.
You may have:
- Married or divorced
- Welcomed a child or grandchild
- Lost a spouse or loved one
- Experienced changes in family relationships
These milestones may require updates to beneficiaries, guardians, executors, or trustees.
2. Your Financial Situation Has Changed
Perhaps you've purchased a home, sold a business, inherited assets, or accumulated retirement savings. As your assets change, your estate plan should reflect your current financial picture and ensure those assets are distributed according to your wishes.
3. Your Beneficiary Designations Are Outdated
Many people don't realize that assets like retirement accounts, life insurance policies, and some investment accounts pass directly to the beneficiaries listed on those accounts—not according to your will.
If you haven't reviewed your beneficiary designations in several years, now is an excellent time to make sure they're still accurate.
4. Your Wishes Have Changed
The causes and organizations that matter to you may have changed over time. Perhaps you'd like to leave a gift to support your church, your alma mater, or your local community through the Fremont Area Community Foundation. Estate planning allows you to reflect the values that are most important to you today.
5. It's Been More Than Five Years
Even if nothing significant has changed, experts generally recommend reviewing your estate plan every three to five years. Laws change. Tax rules evolve. Personal circumstances shift. A simple review with your attorney can help ensure your documents still accomplish what you intend.
Peace of Mind Starts with a Review
Estate planning isn't something you do once—it's an ongoing process that helps protect the people and causes you care about most.
During National Make-A-Will Month, consider setting aside an hour to review your estate plan. A few small updates today can provide lasting peace of mind for tomorrow.
Our Will and Estate Planning Guide can make this big task easier, visit our website to download the guide!
