When you have put considerable thought and effort into estate planning, it is important to ensure that your plans continue to serve your practical needs. Periodically reviewing the provisions that you have made will enable you to plan ahead judiciously.
Here are a few examples of junctures where you may need to reexamine estate planning documents and identify the best possible means to modify them in accordance with your needs.
Changes in wealth
Significant changes to your personal wealth could be relevant to specific bequests that you have made to individuals or the amount of money that you hold in a trust. As your income and assets change, consider whether you need to alter the sum of any provisions for individual beneficiaries.
Changes in what you own
Taking assets out of liquid financial accounts and purchasing real estate may make it difficult to allocate for individual bequests in a will. If you wish to leave real property to a family member or friend, it may be advisable to make a straightforward conveyance in your will or hold real property in a trust.
Relocation
Moving to a new state may represent an opportunity to avail yourself of estate planning strategies that were not available in the state you are leaving. Procedural probate regulations and laws governing the administration of wills, trusts, and estates vary considerably between various jurisdictions. Also, if you previously named an executor in your previous plans, it may be smart to name a new executor who lives in the region where your estate will pass through probate.
Lastly, consider whether any changes in your family composition merit a review of your estate plan. Keeping your estate plan current reinforces your ability to provide for your loved ones effectively.
