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Categories
Should You Update Your Estate Plan? Here's When You
Should Consider It.
Your estate plan should generally be reviewed at least every two
years to determine whether it needs to be revised or updated. Additionally,
if any of the following life events or financial developments occurs, you’ll
probably need to adapt your estate plan to your new circumstances:
- Divorce,
- Marriage,
- Birth/adoption of child,
- Death of spouse or child,
- Sale of residence,
- Purchase of residence,
- Retirement,
- Move to another state,
- Major increase or decrease in personal assets, or
- Enactment of new tax laws.
Upon the occurrence of any of these events, you may need to:
- Revise your will or trust instruments to change beneficiaries
or bequest amounts,
- Change your executor,
- Reassess your life insurance needs,
- Add or change a power of attorney,
- Change your post-mortem letter to reflect new assets, changes
in executors, or other changes, and/or
- Change legal documents to comport with state laws (if you move
to a different state).
There may be other steps you should take based on your particular
situation. Professional guidance may be helpful here.
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