Creating a Will is an important step in protecting your wishes, but it’s not something you should put away and forget. In a recent AARP article, Leo Chubinishvili, CFP®, Wealth Advisor at Access Wealth, shares why reviewing your estate plan on a regular basis is just as important as creating one in the first place.
The article highlights several life events that should prompt a review of your Will, including marriage, divorce, the birth of a child, a significant increase in assets, relocating to another state or country, changes involving beneficiaries, or simply the passage of time. Leo emphasizes that even if none of these events occur, it’s still a good idea to revisit your Will and estate plan every five years.
As Leo explains, estate planning is not a one-time task. Periodically reviewing your documents helps ensure they continue to reflect your wishes and remain appropriate as your life and financial circumstances evolve.
What This Means for You
Many people create a Will with the best of intentions, but rarely look at it again. Regular reviews can help ensure your estate plan continues to align with your current family situation, financial goals, and applicable laws. An outdated Will may no longer reflect your wishes or account for important life changes that have occurred over the years.
Read the full AARP article: 6 Times When You Should Update Your Will.
Feel free to contact Leo if you have questions about your estate plan and estate planning documents.
