Why Should I Review My Estate Plan Annually?

Making Changes as Changes Happen

With the new year fresh upon us, now is the perfect time to review the changes that have occurred in your life over the last year and consider making changes to your estate plan. Why take the time to review your estate plan even if not much has changed? Keep reading to learn more.

Family Changes

One of the most common reasons you should review and update your estate plan annually is to account for any changes in your family. This could include the birth of a new child, the death of a loved one, or a change in your relationship status. If any of these things have happened in the past year, update your estate plan to reflect your current wishes.

Changes to Your Wishes

Even if your family situation hasn't changed, your wishes may have. As you age, your priorities may change, and you may wish to update your estate plan accordingly. For example, you might decide that you want to leave more money to charity and less to your children. Or you may want to add or remove someone as a beneficiary of your estate. Reviewing your estate plan each year gives you a chance to make these changes.

Changes in the Law

The law surrounding estates and wills is constantly changing, so it's important to keep up-to-date on the latest developments. Each year, there may be new tax laws or changes in probate that could affect your estate plan. By reviewing your plan annually, you can ensure that it complies with the latest legal requirements.

Making changes to your estate plan yearly may seem like a lot of work, but ensuring that your wishes are carried out after you're gone is important. If any big changes have happened in your life recently or if it's been a while since you've reviewed your plan, now is the time to do it. You may not want to think about what will happen after you die, but it's important to ensure that your loved ones are taken care of.

Work with an Estate Planning Attorney

If you have questions or need help reviewing and updating your estate plan, contact the team at Law Office of Alexandra White, PC. We have helped countless families protect their loved ones' futures and can do the same for you.

Learn more about our estate planning services or schedule a consultation by calling or visiting our website.