Once North Carolina residents have set up an estate plan, it is easy to get comfortable and forget about it for years or even decades. While the first step of having an estate plan is important, it is also vital that the plan is adjusted whenever there are big life events.
FindLaw suggests that an estate plan should be altered whenever there is a change to state law. Alterations to estate laws can impact assets. Those who move to another state should consider updating their estate to meet the requirements of the new state’s laws.
Forbes encourages people to change their estate plan if the trustee or executor becomes an inappropriate choice. Even those who carefully make the choice when picking an executor may want to consider someone new when circumstances change.
If someone named in a will passes away or the will needs to include more people, it is also a good time to alter it. Life changes like adoption or a new birth may require an update to an estate plan along with the time that any children included in the estate turn 18. A new marriage or a divorce should also require changes to an estate.
If the estate increases or decreases significantly in value, it is also a good time to revisit your plan. This is also true if a significant asset or disposed of or acquired.
Time is a good enough reason to revisit an estate plan to make sure it is still accurate for each individual. It is encouraged that every individual revisit their estate plan every three to five years.