An Estate Plan should be reviewed after any life change.
Marriage, divorce, the birth of a child, illness, a change of financial
situation, and moving to another state all constitute life changes. Any
of these should trigger the need to have an Estate Planning Attorney review
Laws change often. As a general rule of thumb, look at your documents every
year. Check in with your Estate Planning Attorney to see if there are
any changes to the law that will impact your current Estate Plan.
If an annual meeting isn’t feasible, Estate Plans should be reviewed
every three years at a minimum. You may not need to make any changes,
but it is important to stay on top of your Estate Plan.
A good Estate Plan should cover most new events, like the birth of a child
or grandchild. Things like marriage and divorce are more difficult to
plan for in advance, but a quality Estate Planning Attorney can manage that.
This Month’s ‘Basics of Estate Planning’ educational webinar