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Knowing how to tell when it’s time to update your estate plan

On Behalf of | Aug 26, 2022 | Estate Planning

While it might be impossible to predict the turns life will take, planning for a variety of possibilities may be another matter entirely. Evaluating your options and creating an estate plan that aligns with your interests and needs could help provide much needed peace of mind for whatever the future may bring.   

However, simply creating an estate plan and setting it aside while you move on with your life might not always be the soundest decision. There may be a multitude of scenarios in life in which your wishes may change and updating your estate plan to help ensure it reflects your new preferences may be integral to protecting your future. 

Revisiting your estate plan 

Updating your estate plan after a change in life circumstances may not only help keep it in line with your wishes but could also help stave off a variety of unfavorable results. Changes that might prompt a need to revisit your estate plan may include: 

  • Change in assets:  It could be necessary to consider updating your estate plan anytime you experience a significant change in assets, whether after a substantial purchase or upon receiving a sizable inheritance. 
  • Marriage/divorce:  Entering a marriage or going through a divorce are both examples of life changes that might influence your wishes and updating your plan to reflect these changes may be essential. 
  • Becoming a parent:  It may also be helpful to revisit your plan after welcoming a child into your family and estate planning may offer a variety of options that may be beneficial to new parents. 
  • Health concerns:  You may also find it helpful to review your options if a loved one suffers from a serious illness or debilitating condition, as this could help you better prepare to provide for this person’s needs. 

Arkansas state estate planning laws may also be subject to change at times and seeking insight on these changes and how they might affect your situation could also be vital to protecting your wishes. 

Updating information 

While similar changes in life might prompt a need to update your estate plan, it may also be helpful to revisit your strategy every few years, as sometimes your wishes may simply change with time. There may also be additional reasons to consider a similar endeavor and seeking insight on how to tell when it is time to review your goals might prove vital. Knowing when and how to update your estate plan may play an integral role in helping keep your strategy focused on protecting your preferences and needs.