Though creating the initial estate plan takes a lot of work, it is by no means the last step you will have to take for your estate on a whole.
In fact, estate plan management is something that will last for the rest of your life. After all, it is crucial for your plan to reflect your current life circumstances.
Have your beneficiaries changed?
As Forbes states, there are plenty of good times to update your estate plan. This can include when you go through major changes in life, especially regarding your potential beneficiaries and your assets.
Your beneficiaries are the people who will have something to gain from your estate after your death. This typically includes loved ones like family, friends or significant others. Of course, relationships are not stagnant and will change many times over the years. You want to update your plan to reflect any losses of old relationships or the gaining of new ones.
Changes in assets
Your asset amount determines how much your beneficiaries get. This means any time you suffer from a financial setback or come into new financial gain, your estate plan should change to reflect this. This is especially true if these changes are expected to last several months or more.
Your current state of residence
Even your location impacts your estate plan. If you move to a new state, ensure that your plan still abides by local law. After all, every state has a different method of handling estate plans and what is valid in one state might not be valid in the next.