Virginia residents like you put time and effort into your estate plan. But many people make a big mistake. They write an estate plan and never update it again. If you think you can leave an estate plan as-is for years or decades, you are unfortunately incorrect.
You can change your estate plan at any time. But there are certain times in which it is more common to change these plans. What are those times?
Major life changes contribute to changing estate plans
Forbes looks into some of the reasons you may want to update your estate plan. Many have to do with changes in your life. The main changes involve finances and family. Changes to family are important to document. Why? Because your relationships determine who gets what in your estate. If you divorce a spouse, you do not want them inheriting anything anymore. If you remarry, you likely want to add your new spouse to the plan instead. This also goes for births and adoptions.
Pay mind to financial changes
Financial changes are important to document, too. Your finances determine what you have to give to your family. Naturally, your financial situation does not stay the same your entire life. You do not need to alter your estate plan every time your money grows or shrinks. But if you have a significant change, this is what you should note. This includes filing for bankruptcy, for loss. For gain, it may include coming into a large inheritance.
Again, you have the ability to change your plan whenever you would like. But experts often suggest you wait until major life changes render it necessary.
