How Often Should I Update My Estate Plan?

How Often Should I Update My Estate Plan?

As experienced Montana estate planning attorneys, we frequently receive inquiries about how often an estate plan should be updated. Ensuring that your estate plan is up-to-date and aligns with your current goals and family structure is crucial for securing your assets and providing for your loved ones. In this article, we will discuss the importance of regularly reviewing your estate plan and provide guidance on when to seek the assistance of a professional estate plan lawyer.

Life is full of unexpected events, and these events can significantly impact your estate plan. A common question I receive is, “How often should I update my estate plan?” While there is no one-size-fits-all answer, the general rule of thumb is to review or update your estate plan on the incurrence of special life events or approximately every five to seven years.


What Special Life Events May Warrant an Estate Plan Review in Montana?

Special life events that may warrant an estate plan review include:

  • Death in the family: The passing of a loved one may necessitate adjustments to your estate plan, particularly if they were a beneficiary, executor, or held a power of attorney role.
  • Birth of a child or grandchild: Welcoming a new family member often means updating your estate plan to include them as beneficiaries and ensure their financial security.
  • Divorce: Divorce not only affects you but also your extended family, making it essential to revisit your estate plan to remove or add beneficiaries, adjust power of attorney assignments, and make other necessary changes.

Even in the absence of these special occurrences, it is a good practice to review your estate plan every five to seven years. Over time, your objectives and family structure may evolve, and your estate plan should reflect these changes.


What Happens If I Still Have A Former Spouse Listed In My Will?

Another common question we encounter is, “What happens if I still have a former spouse listed in my will?” It is essential to consult with an estate planning attorney to ensure that your former spouse is no longer listed as a power of attorney agent in your estate plan or a beneficiary in your will, unless that is your intention.

To ensure that your assets are distributed in accordance with your current wishes, it is vital to consult with an estate planning lawyer who can help develop a plan that aligns with your current life circumstances.


Are You Ready To Create Or Update Your Estate Plan? Call Today To Schedule A Consultation With A BKBH Estate Planning Attorney.

If you are considering updating or reviewing your estate plan, it is crucial to seek the guidance of an experienced Montana estate plan attorney. At BKBH, as an estate planning law firm we can help you navigate the complexities of estate planning. We will work with you to assess your current plan, understand your objectives, and develop a tailored strategy to protect your assets and provide for your loved ones.

It is essential to regularly review and update your estate plan to ensure it aligns with your current goals and family structure. Special life events and a general review every five to seven years are critical for maintaining an effective estate plan. To schedule a consultation with an experienced estate plan attorney, call us. Our Montana estate plan attorneys are committed to helping you secure your legacy and provide for your family.