Knowing when to update or review your plan can pose a confusing conundrum to some, however. But you can start by updating or reviewing your plan whenever you see changes in your family structure.
Family as beneficiaries
When Forbes discusses parts of the estate plan you should prioritize for review, changes to your beneficiaries rank among the top. Anyone can serve as a beneficiary, including a partner, trusted friend or confidante. However, most people will include members of their immediate or distant family as potential beneficiaries, as well. This means you have to pay attention to your family structure when considering your estate plan updates.
Alterations of family structures
Family structures will fluctuate all throughout a person’s lifetime. For example, you will likely experience tragic losses or deaths within the family well before your own, unexpected or otherwise. These days, chances are high that you will end up knowing someone who chooses to get a divorce, too.
On top of that, you have the possibility of births and adoptions, marriages or remarriages which may add more people to your family. Obviously, you do not need to change your estate plan every single time someone exits or enters the family, but you should still be aware of what everyone is up to and what their status within the family looks like so you know what to expect when adding or removing them.