How Often Should I Update My Estate Plan?

INTRODUCTION

Regularly updating your estate plan is vital for ensuring it reflects your current and changing circumstances and wishes.

This article provides guidance on when and how often to consider revising your estate plan.

GENERAL GUIDELINES FOR UPDATES

As a general rule, we advise you to update your estate plan every five years.

In addition, you should consider updating your estate plan following any significant life event or change in circumstances that could affect it.

WHAT ARE SIGNIFICANT LIFE EVENTS?

Here are some examples of a change in circumstances:

• Buying a house
• Starting a business
• The birth of a child or grandchild
• Going through a divorce
• A serious medical diagnosis
• Winning a lottery or receiving a large sum of money
• Receiving an inheritance

CONCLUSION

Life is full of milestones and unexpected events, all of which impact your estate planning needs. That’s why it’s vital to ensure your estate plan is up to date so that your assets and loved ones are protected in line with your latest wishes.

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