Virginia residents like you who already have an estate plan may still have questions. Should you ever update it? If so, when is the right time? Today we will take a careful look into estate plan updates to answer these questions.
Forbes discusses when to update an estate plan. The simple answer is: whenever you want. There are no laws in place that restrict the number of times you can edit an estate plan. Nothing says you have to wait a certain amount of time between edits, either. But since the process of editing can be hard to handle, many people put off updating their estate plans.
Unfortunately, the majority often delay it for too long. In an ideal world, individuals would update their estate plan every few years. Even if nothing has changed since the last update, check that everything still looks good.
Other people choose to wait until major life changes or events to update an estate plan. You should do this, as you want your estate plan to reflect your most recent desires and wishes. If you rely on an old estate plan, it will not reflect things like:
- Your current relationship with the people set to inherit your assets
- Current laws in your area of residence
- How many assets you have right now
- Where you live, if that has changed
Any of these factors can change without warning. When they do, you will want to ensure your estate plan reflects the change. This is the only way to ensure that loved ones will honor your wishes after your passing.