When should you update your Estate Plan?

When should you update your Estate Plan?

It is always wise to periodically review your Estate Plan. People experience changes in their personal circumstances over time. In addition, there may be changes in the law that have an impact on a person's intentions when they originally made the Estate Plan. Absent significant changes in a person's life, it is recommended that you have your Estate Plan reviewed every three to five years. A review of your Estate Plan does not necessarily mean a change to your Estate Plan. The review allows you to ensure that the existing Estate Plan still accomplishes your stated intentions with regard to the disposition of your assets after you pass.

In the event of a significant life event, you should make reviewing your Estate Plan a priority. Often people put off making an appointment with their attorney to revise the Estate Plan until a more convenient time. Unfortunately, many people continue to put off revising their Estate Plan over time and never make the needed revisions prior to their passing.

The following are examples of significant changes which warrant a review of your Estate Plan.

  • Change in your or a beneficiaries marital status
  • Buying of selling property
  • Changing jobs (rolling over retirement benefits)
  • Children have reached the age of eighteen
  • Changes of beneficiaries
  • Start of a new business
  • Death or incapacity of someone you named in your estate plan

If your Estate Plan is not in order (and funded, if you have a trust) at the time of your passing, then your assets may not pass to the beneficiaries as you intended. Furthermore, reviewing your Estate Plan will help you ensure that your assets, including personal items, real property and financial assets are passed the way you want them.

If you have endured significant life changes or are in need of an estate plan contact Owens and Perkins for a complimentary ½ hour consultation.

Categories: Estate Planning

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