Do not make the mistake of assuming that your estate plan will stand forever just because you finally got it down on paper. This is not a one-time event. It’s important to periodically review your plan and make alterations to ensure that it still fits with what you need it to do.
For instance, perhaps the estate planning laws changed in Arizona. Any time a major legal change happens, you want to look at the potential impact on your plan and how you can alter it to take advantage of that change.
Or, perhaps you had a major life change in your personal life. Maybe you got married or divorced. Maybe a new child was born. When families and relationships shift, you need to make sure that your estate plan really reflects the current reality.
Another reason to review your plan is when wealth changes dramatically. Perhaps you made the plan when you were working 50 hours a week and making a good income. Now you have retired and you’re living off of a pension and your retirement savings. How does that change the financial picture? What does it mean for the estate plan you created while you were still in the workforce?
These are by no means all of the reasons to change your will or update your estate plan, but they help you see just how common these types of events are. Do not forget about your plan or assume that it always applies after that first draft. Make sure you know what legal steps to take to update it at the proper times.