When should I update my estate plan?

While it may not be pleasant to think about your passing, it’s a necessary part of life. Delaware residents should undergo the process of estate planning to effectively designate who receives their assets and who takes care of their after-death responsibilities. Estate planning should be a fluid process that gets updated with major life changes.

Updates are a necessity

Estate planning is commonly a process that many think they only need to do once. Unfortunately, that’s not always the case. Life changes and your estate plan needs to change with it. On a regular basis, your plans should be updated every three to five years. This will help to record any change in assets that you have. It will also ensure that you’re properly reviewing who is getting which assets so that you know they’re going to the right people.

Common life changes that should spark an update

While a review is recommended every three to five years, there are other times that you’ll want to do some updating. One of the most needed is when you undergo a divorce. When you’re married, it’s likely that your spouse will be listed as inheriting your assets. However, after a divorce, you’ll likely want to name a different beneficiary.

If you have a child or adopt one, you may want to include them in your estate planning. Some other examples include purchasing a large asset like a home, a new marriage, a disability, the birth of grandchildren and even when you take on a large liability. All these big changes should be accounted for in your estate planning process.

Estate planning is a great way to help simplify the process of dividing up your assets after you pass. While it may be overwhelming to begin with, it will become easier once you have a foundation.