An estate plan allows you to organize the distribution and management of your assets after you pass away. You may have made your estate plan in the last few years. But did you know you can make changes to your estate plan?
By making changes to your estate plan, you can help ensure your last wishes are up to date with any of your life changes. Here are a few things you may need to know about making changes to an estate plan:
When can you modify your estate plan?
There is no limit to the number of times you can update your estate plan. It is often recommended that an estate plan is updated every three to five years to include new assets or investments. However, you can update your estate plan at any time. You may want to consider updating your estate plan any time there is a major life event.
Why do you need to update your estate plan?
Before you update your estate plan, you want to know what changes you may want to make. There are many reasons to update an estate plan, such as:
- Marriage
- Divorce
- Job change
- Financial changes
- Childbirth
- Health complications
- The passing of a beneficiary
- Tax considerations
- Home or vehicle purchase
Knowing why you want to update your estate plan can help secure your legacy.
How do you make changes to your estate plan?
Making changes to your estate plan does not have to be a complicated process. You can reach out for legal guidance to learn what steps you would need to take to alter your legacy.