There is no one final answer. It’s more of an evolving concept. A lot of life events can change who a person is and what they desire. Look at large life events such as marriage, having children, or going through a divorce. Even at retirement, you may want to stipulate changes. Those are all times that you may want to reassess your plan.
Estate plans are static, but your life is not. So, it’s always important to think about your future and adjust your estate plan as needed.
A perfect example is before you have children, you might plan on making nieces or nephews your beneficiaries. But then you get married and have a family of your own. It makes sense to change your will or trust in this circumstance to direct it to your wife and children.
An estate plan is really an opportunity to sit down with a trusted guide, an attorney, an advocate, someone who is truly a counselor to walk you through any changes in your life and help you make a plan to meets your final wishes.
Your will or revocable trust isn’t necessarily a one-time-does-it-all for you, but both can be modified over time to protect your family at each stage of your own earning and your family’s needs and goals.
