Nine Indications That It’s Time for an Estate Plan Update

While creating your estate plan is important, it is equally as important that you keep that plan up to date. The plan that you created most recently is the plan that is going to be carried out when you pass away. This is true even if significant events in your life, your goals, and your priorities have changed between the date that you created the plan and the date that you passed away. For this reason, it is crucial that you regularly modify your estate plan to ensure that it reflects your current needs.

Is it Time for an Update?

Are you wondering whether it’s time for you to update your existing estate plan? Following are nine signs that indicate it might be time for a modification:

  1. You created your estate plan so long ago that it’s difficult to remember when it was.
  2. You regularly talk to your spouse about the enormous cost of college tuition.
  3. Instead of something that feels far into the future, retirement is suddenly looming on the horizon.
  4. When you first created your estate plan, there was one less generation of your family in existence. Now, you are a parent or a grandparent, but when you drafted your estate plan, you did not yet have any descendants.
  5. You created your estate plan while working in a previous career. Today, you are a business owner.
  6. You are currently married, but the person listed as your spouse in your estate plan is someone from a previous relationship.
  7. You did not call Orange County home back when you first created your estate plan.
  8. You created your estate plan during difficult financial times, whereas you now feel comfortable financially.
  9. The person that you list as your emergency contact is longer the same person that it was back when you created your estate plan.

Are you are ready to pursue an update of your estate plan? The Law Office of James F. Roberts & Associates, APC, is here to help. We have helped countless clients keep their estate plans current. View our client testimonials page today to learn more.