How Often Should I Review and Update My Estate Plan?

It's the start of a new year, and I know for some people they have been putting off doing a Will or Trust, and their 2020 New Year's Resolution is to get it done! But for others, they already have their estate planning in place; they think it's all done and over with and don't need to revisit them ever.

However, in order for your estate planning documents to properly achieve the three objectives of an estate plan (1) distribution to the proper parties, 2) proper management until such distribution and preservation and 3) protection from probate fees and estate taxes) you should periodically review and update as appropriate or necessary.  We recommend that you review your entire estate plan a minimum of every 3 years.

If any of the events below occur, it’s a good idea to review them even sooner:

1. A change in the way you wish your property to be distributed, such as may result from changes in your relationship with or the needs of certain beneficiaries. 
2. A change in the persons you wish to serve as your representatives (trustee, executor, attorney in fact, etc.).
3. You get married or divorced. 
4. A beneficiary gets married or divorced.
5. Birth or death of a beneficiary or death of a representative. 
6. A significant change in your personal wealth or financial status, such as significant asset acquisitions or dispositions, investments in new business enterprises, retirement, employment, etc.
7. You receive an inheritance. 
8. You move to a permanent residence in another state.
9. Changes in your health or insurability. 
10. Significant changes in the laws regarding income, estate and gift taxes, or property, trusts and probate.

 
Should you require our assistance in reviewing and updating your estate plan, please give us a call.