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When are estate planning updates necessary?

As Colorado readers know, estate planning is important for almost everyone, regardless of income level or the size of the estate. Drafting a will and having in place other types of estate planning documents can give a person peace of mind regarding the future, but it is smart to occasionally review plans to see if updates are needed. Certain life events and circumstances may necessitate changes and updates to your estate plan.

One of the biggest estate planning mistakes a person can make is to fail to have a plan in the first place. Another grave mistake is to fail to update plans as necessary. This can lead to complications in the future and cause issues for beneficiaries. It is recommended that people review their plans every few years. For example, if it has been three or more years since a person has looked at his or her plan, it is time to do so.

If a person has moved to another state since drafting an estate plan, it is also beneficial to review the existing documents. Estate laws can differ from state to state, and it is smart to consider this after relocating. Other reasons for changing or updating an estate plan include the birth of a child, death of a spouse, a divorce or remarriage. 

Significant changes in wealth and retirement plans may also merit carefully reviewing existing plans. Colorado readers would be wise to think about their estate planning objectives for the future and ensure their plans match these objectives. It is always helpful to discuss these concerns with an experienced attorney. 

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