Most know the importance of an estate plan. Your estate plan is what will dictate where your assets go after you pass away. Too many people in Tennessee sign a will once and then put it away without considering it again. Forbes warns against creating an estate plan and forgetting about it. As your life changes, your estate plan should change with it. There are a number of circumstances that you should consider the best opportunity to change your will.
If you have significantly more wealth than you did when you first created an estate plan, you may want to consider updating. For instance, say that you left a significant amount of money to a child. Later on, it turns out that child is irresponsible with his or her money. You do not want to give him or her the money at once. Likewise, if you have more wealth, you may not want to give that large of a sum to a child right away.
As you grow, the people around you change and grow too. You may not want the same executor of your will that you named a decade or two before. Then, if you have more children, you need to include them too. Once your children reach adulthood, you have to take into consideration their personalities and hardships.
With all of the different stages of life and the amount of change that takes place, to update an estate plan regularly makes perfect sense.
None of the above is to be interpreted as legal advice. It is for informational purposes only.