It can be good to make an estate plan, even at a young age. Maybe you’re just in your 30s or 40s, so you feel like you’re nearing the halfway point of your life, but you have a lot of time left. Even so, drafting an estate plan at this time can help in case of an unexpected passing.
One thing that people sometimes worry about, though, is that making an estate plan so early means that it will be significantly outdated by the time they actually pass away. And this could be true, especially if they live into their 70s or 80s. That’s why it’s so important to know when to review and potentially update your plan.
Doing a scheduled review
One option is to schedule reviews in advance and then stick to that schedule moving forward. For example, maybe you just want to review your estate plan once a year. Some of these reviews may reveal that there haven’t been significant changes and no updates are needed. But you at least know that your estate plan is always up-to-date within the last 12 months.
Reviewing after life changes
Another option is to review the estate plan after you see changes in your life that may impact how that plan applies. For instance, maybe you got married, so you want to add your spouse to your plan. Maybe your own adult children had a baby, so you want to include your first grandchild. Or perhaps you have sold significant real estate assets that you owned, so now you need to take them out of the estate plan.
No matter which tactic you choose, there are ways to ensure that your estate plan is current and will be beneficial to your family. Just be sure you know exactly what legal steps to take to get to that point.