How Often Should You Review Your Estate Plan?

When you buy a new car, everything works perfectly. (At least, you hope it does.) But then in 3,000 miles, it’s time for an oil change. Also, you must keep your eye on the level of coolant in the radiator, your transmission fluid, and your power steering fluid.

What happens if you don’t maintain your car? Your engine could burn up. Your transmission could fail. Your car could overheat. Your battery could go dead. All of which mean you’re stuck on the side of the road trying to hitchhike to the nearest town. To know more about estate planning, you can also contact los angeles attorney online

A well-written plan should change and evolve as your family and life change and evolve. I recommend you review your estate plan if one of the following events occurs:

  • If you are newly married or if you re-marry
  • If you get a divorce (even just legal separation)
  • If you move to another state
  • You acquire property in a different state
  • Your insurability for life insurance changes
  • The birth of a child
  • You adoption a child
  • Your child marries
  • Your child divorces
  • Your child becomes ill

Any one of these life changing events can affect your estate plan and require the addition, deletion, or revision of a provision or require you to rewrite your entire plan. Ask your attorney if he/she has an updating and maintenance program that you can participate in.