Of course, if you make changes to any part of your estate plan, you should review the estate plan as a whole to ensure that it remains cohesive, effective, and consistent with your goals. A change or addition to one part of the plan may call for changes to other aspects of it. Examples of key changes that might warrant a reexamination of the plan as a whole include creation of a trust, execution of a will codicil, and designation of a new beneficiary for an IRA or retirement plan. Any of these events could require an update of your estate plan. Upon changes in insurance coverage Changes in insurance coverage may affect your estate planning needs and may require you to modify your plan.
Life insurance is the type of insurance most directly connected to estate planning.
As a result, any changes to your life insurance coverage especially need to be properly coordinated with your overall estate plan. Such changes might include an increase or decrease in the amount of coverage, a change in beneficiary designation, or the purchase of an additional policy. Upon other important changes None of us has a crystal ball. We can't think of all the possible conditions and circumstances that should prompt us to review and update our estate plans. Use your common sense.