The short answer is no, there is not a limit to the number of times that you can modify your estate plan. That said, it is still important to carefully consider whether now is one of the times when you should make changes to your will, your trust, or another one of your estate planning documents.
Modifications: the Pros and the Cons
Generally, it is important to modify your estate plan whenever there is a significant change in your family, income, or assets. For example, you should consider amending your estate plan if:
- You get married or divorced.
- Your children have become adults.
- Your loved one has special needs.
- Your income or assets have increased significantly and you have different tax considerations.
Of course, there are many other situations when it would be beneficial to amend your estate plan to account for changes in your family, wealth, or personal objectives. While there are relatively few problems with amending your estate plan, you should consider that extremely frequent changes may make your estate plan confusing and they may not be worth the cost.
How to Know What Is Right for You?
We don’t want you to lose sleep over whether or not you should amend your will now. Instead, we encourage you to contact us directly so that we can help you answer that question. We will provide you with the pros and cons of modifying your estate plan so that you can achieve your goals and make the right decision for you. Simply start a live chat with us now if you would like more information.