How to Know When It Is Time to Review Your Estate Plan

How to Know When It Is Time to Review Your Estate Plan

If you already have an estate plan in place, you are ahead of the curve, but that doesn’t mean you can rest on your laurels and assume everything will work out in the future. An estate plan must be revisited regularly to ensure everything still matches your wishes. Here are a few ways to know it is time to review your estate plan.

• You just experienced a life-changing event – Any time you get married, divorced, have a child, adopt a child, etc., it is time to review your estate plan to make sure the right people are included.
• You’ve changed your mind – Whether something has changed about what you want to do with your funds or how you feel about a particular beneficiary, it is time to review your plans.
• You have a sudden change in income – Whether you suddenly have a lot more or a lot less money, you need to make sure that your estate plan is still the best option for distributing your assets.
• You can’t remember the last time you reviewed it – You should be at least scanning your plan annually and giving it a closer look every 3 to 5 years. If you can’t remember the last time you checked your estate plan, then it is definitely time.

Updating Your Estate Plan in California

If you need to update your estate plan in California, the estate planning attorneys at Petrov Law Firm would be happy to help. Whether you are new to the state, need to update your existing plan, or want to get started with your first estate plan, call our San Diego office at 619-344-0360 today!