Alaska residents like you put time and effort into your estate while you are alive. This is because you want your beneficiaries to enjoy it after your death. The best way to ensure they have access to your estate with the fewest amount of legal hurdles possible is by creating a cohesive estate plan.
The most important part after creating your estate plan is ensuring it stays up to date. But how do you know when it is time to update your plan?
Keeping your plan up to date
Forbes lists some times in life when you may want to review your estate plan. First, they state that professionals often claim you should review your plan every 3 years regardless of life changes. This allows you to ensure everything is in line with your current thoughts, opinions and living situations. It is hard to remember all the details in a good estate plan, so an occasional refresher does not hurt.
Observing moments of key change
Next, look into updating your plan during moments of key change in your life. In particular, pay attention to moves, family changes, and financial changes. When you move, the laws of your new state govern your estate plan. You must thus ensure that the plan does not work at odds with state laws.
Family changes are important to note because they affect your beneficiaries. For example, you likely do not want an ex-spouse as a beneficiary. You also want to include new family additions, such as children or new spouses.
Financial situations dictate how many assets your estate possesses. As such, you want to note whenever you experience a sudden notable gain or loss in finances.