One of the biggest mistakes is to let your estate planning documents become outdated. Most people will create their estate plan, sign the documents, and file the documents away never to look at them again.
For some, this does not present a problem. However, the majority of people who create an estate plan should review it periodically to ensure that the documents have not become outdated based on their loved ones, their assets, or the law.
The Dangers of Outdated Documents
Estate planning documents are so important that you should review them every few years and always after a major life event. Life events that should trigger an estate planning review include the following:
- The birth of a child
- Inheriting a large sum of money
- Divorce
- Remarriage
- The death of someone named in your estate plan
- Moving to a new state
- Changes in your relationships with the people you have appointed
This is not an exhaustive list. You should always review these documents with an experienced estate planning attorney to make sure that they are updated correctly.
