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How to time an estate plan update

Creating an estate plan in Connecticut doesn’t need to be a long and tedious experience. It does help to have a clear idea of how you want to divide your assets. You should also have a strong candidate in mind for your executor. If you make your estate plan some years in advance, you may need to update it.

The best times to update your estate plan

Despite the best efforts of legal and financial pros, estate planning is not an exact science. Even the best-laid plans may need to see an adjustment or two before they are ready to be finalized. Some of the occasions that may signal a need for a revision can include the following:

  • The birth or adoption of a child or grandchild
  • When your child or grandchild has reached the age of adulthood
  • When your child or grandchild requires funds for their continuing education
  • The death of a person whom you have named as a guardian for your child or grandchild
  • If you should get married
  • If you should get divorced
  • If your spouse should suffer from an illness or disability
  • If you have bought a new home or other major asset
  • Any changes in the total number of people that you classify as dependents

It’s always good to review your estate plan

It’s never a good idea to die without a will or estate plan. These are documents that you should always have prepared. They can help to eliminate any confusion over what your intentions are. A final estate plan will also save your loved ones a lot of time, energy, and money.

The last thing that you want to subject your relatives to is years of tedious and costly bickering followed by court-ordered probate. The sooner you sit down with experts to appraise your assets and draw up your estate plan, the better. This is one final activity that is best to get a good head start on.