Although most wealthy individuals have an estate plan in place, simply executing one is not always sufficient. Many people forget about their estate plan soon after it has been implemented; it’s easy to simply file it away and forget about it. However, those who do not frequently update and review their estate plans may render their estate plan’s intent unclear.
Checkups with an estate planning attorney are necessary to ensure that an outdated or inadequate estate plan does not cause any dispute between heirs. Other major life events may also require changes in your estate plan. Some of the best times to update your estate plan include:
- When there is a meaningful change in your life (marriage, birth of a child, launch of a business).
- Every few years to account for any changing laws.