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When to update your estate plan

On Behalf of | May 4, 2022 | Blog, Estate Planning

Planning your estate in Missouri does not end with signing the documents. You have to follow up on your beneficiaries, update the will, and review the medical directive forms and other tasks. You want your family members to avoid not receiving the assets that they deserve. There are certain times when an estate plan should be updated.

When to update your plan

Estate planners recommend that you review your estate plan at least once a year. Updating your plan more frequently depends on the changing circumstances in your life. Some people who experience at least one major life event each year have to update their plans every six months. Other people who undergo two or more major life events need to update their plans every two to three months.

The reality is that estate planning is not a top priority for everyone. Many people ignore performing the task, even after they experience a major life event like the death of an immediate family member, a new job or a new house.

Not updating your estate plan, which may include a will, trust or power of attorney, has long-term consequences that last for many years after your death. Family members often fight in court over estates that lack wills or that have wills that are not accurately updated.

The importance of maintenance

Not updating your estate is the same as not undergoing a physical every year. You risk losing your personal assets to people who you don’t trust and to organizations that you don’t support. An inaccurate estate plan brings emotional and financial challenges to your family. Not maintaining this plan could lead to them filing lawsuits in court and fighting over your estate for years.