When it comes to planning for the future, creating and maintaining a comprehensive estate plan is a productive and essential step. Having an updated estate plan can lend you the peace of mind that your wishes and goals are in place as you age. Not only is it important to create an estate plan in New Hampshire, but it is crucial that you continue to update these plans over time.
Once you’ve taken the step of creating an initial plan, only a portion of the work of long-term planning is complete. It may be tempting to think that you’ve done all the necessary work in formulating a plan, but that work could be unusable down the line if an estate plan becomes outdated.
The importance of updating your will
Consider a key element of estate planning: a will. Your will is a comprehensive document that demonstrates the plan for your future of those in your life. You can designate beneficiaries, divide assets and plan for the care of children or other responsibilities.
If this plan contains outdated or inaccurate information, the process of executing a will becomes that much more difficult. As circumstances change and life changes over time, it is important that your will and other estate planning documents reflect an accurate depiction of your life.
When to update an estate plan
How often should a person revisit and update their estate plan? The best practice would be to revisit your estate planning documents every year or two to ensure it is still relevant and executable. In addition to these regular checkups, some major milestones should prompt an updated estate plan, including:
- Buying a home or other property
- Getting married
- Having children and grandchildren
- Starting a new business
- Losing loved ones
- Moving to a new state
- Major changes in personal wealth
- Changes in your health and developing illnesses
Oftentimes life’s major changes need to prompt an updated will, trust or other estate planning elements. As you prepare for your long-term goals and wishes, it is crucial that your plans accurately represent your changing circumstances. An estate plan is only as useful as it is up to date, which means you should consider the relevance of the information it contains over time.
Don’t let the work you’ve put into creating an estate plan potentially go to waste by disregarding those plans over time. Consult your plans regularly to help ensure their relevance and usefulness when it comes time to use them.