Blog Reader Special: We are offering all blog readers a 10% discount on our estate planning rates. Best of all, the first step — a consultation to assess your needs — is absolutely free!
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An estate plan isn’t a one-time thing, written just to be set aside to collect dust. Life changes. Laws and regulations change.
Reviewing your estate plan regularly and during major life events, regardless of the last update, will help make sure your affairs are in order.
Here’s everything you need to know about when you should review your estate plan.
Conduct Maintenance Reviews Every 3 to 4 Years
Everyone with an estate plan should regularly sit down with their attorney to review their documents, but the frequency depends on each individual plan.
For example, one person might request to go over their plan every year. Others might do a bi-annual review. Many wait five or more years between reviews. However, the general expert recommendation is at least every three to five years.
Pick a timeframe you and your attorney think is best, but understand that because laws change, regular estate plan reviews really should be done no fewer than every five years so that you can keep pace with updated regulations and laws.
Review When There Are Financial Updates
If major financial changes occur in your life, you should update your estate plan. But what qualifies as a major financial change?
They include updates in the following areas:
- Your/your spouse’s career or business
- Your/your spouse’s financial goals
- Long-term insurance coverage
- Federal or state laws involving taxes and investments
Your estate plan should also be reviewed if you purchase a large asset like a home, if you borrow a large sum of money, or if a large inheritance or gift is given to you or your spouse.
Review if Family Changes Occur
Other life events include major family changes, usually relating primarily to children.
For example, the birth of a child or grandchild often requires an update to your estate plan. Not only can you create an inheritance for them, but you can name guardians or set up trusts, too.
Aside from the birth of a child, when else should you review your estate?
- When a child is adopted
- When your child or grandchild comes of age
- When funding is needed for your child or grandchild for expenses like education
- When death or changes in guardianship occurs
- If family members pass away or become disabled
- If your executor or trustee changes or passes away
If Marital Circumstances Change, Review Your Estate
Finally, you should review your estate plan if anything regarding your marital state changes.
Usually, this is necessary if you get married, divorced or if illness, disability or death in your spouse occurs.
It’s imperative to have your attorney’s help when you review your estate plan. If you are experiencing a life event or are ready for a regular review and you’re looking for a trusted, experienced team to stand by your side, contact the SLNLaw team today!
Blog Reader Special: We are offering all blog readers a 10% discount on our estate planning rates. Best of all, the first step — a consultation to assess your needs — is absolutely free!