When you were younger, after getting married and having children, you met with a lawyer and created an estate plan. Now the kids are grown, finished with college, and are is settled in their adult lives. Of your three children, two are married. One has your first grandchild on the way. Your retirement is still 10-15 years off. You and your spouse are reasonably healthy and still young – in your mid-50s. You do not need to worry about updating your estate plan yet, right?
WRONG. There are a number of life events that should be either reflected in your estate plan or shared with an advisor to determine if any updates are needed. Here are just a few:
Your estate plan needs to respond to the changes that happen in your life, and should generally be updated every three to five years – or more frequently – if there have been any major changes to your life or your estate. As your family and financial picture changes, so should your estate plan.