Do you already have an estate plan? If so, congratulations! You’ve successfully taken steps to protect your family. However, an estate plan isn’t something that should simply collect dust on a shelf. Your estate plan will need updating to keep up with changes in your life and your goals. While a good rule of thumb is to review your estate plan at least every 5 years, below are 12 signs that your estate plan needs to be reviewed now.
- There’s been a change in your marital status.
- Your family has grown to include more children.
- You want to disinherit a beneficiary.
- You want to make changes to what assets each beneficiary will receive.
- There’s been a significant change in your assets or asset values, or you have new assets you’d
like to leave to specific individuals. - There has been a death of someone named in your estate plan.
- A beneficiary has had a name change or a change in their marital status.
- A beneficiary named in your estate plan is having issues that are concerning to you such as an
over-controlling spouse, IRS problems, or creditor problems. - You have a family member who became disabled with special needs.
- You wish to change who has power of attorney over your finances and/or health care.
- You have moved to Louisiana from another state since your estate plan was created.
- You or your spouse is facing a need for nursing home care.
