When to Update Your Estate Plan

Once you have a well-drafted estate plan in place, the hardest work is done and you should congratulate yourself on checking this critical item off your “To Do” list. 

Nonetheless, every couple of years, you’ll want to review your plan and make sure it still reflects your family’s needs and wishes.  Life happens: children grow up, people move, you buy or sell a house.  You want your estate plan to keep up with these changes. 

Life changes that should be addressed in your estate plan include: 

• You have children or more children

• You have grandchildren

• You get married, divorced, or remarried

• Your financial situation changes

• You receive an inheritance

• You purchase or sell a home

• Your children get older and can serve as trustees or executors

• Your spouse dies

• You or your spouse’s parents die

• Changes happen in the lives of people you’ve nominated as trustees, executors, agents, or guardians – they move, get married or divorced, or your relationship with them changes

• You have recently moved to Idaho and your estate plan was prepared in another state

Most of these events can be addressed through an amendment to your existing estate plan documents.  Some of these events, such as getting divorced or remarried or having a significant change in your financial situation, may merit a full overhaul. 

If you’ve experienced any of these life changes, or something else you think should be addressed in your estate plan, give us a call at 208-995-9224 or shoot us an email - shaila@shailabuckley.com - and we’ll get it taken care of.