Keeping your will and trust up-to-date is as important as having one to begin with. An out-of-date will could do more harm to your loved ones than no will at all. Estate planning is NOT a “one and done,” but once done, it doesn’t have to be time-consuming or laborious to ensure it keeps up with the changes in your life. While all of my current clients can take advantage of a complimentary review every three years, if any of the following life events occur, it is best not to wait to make necessary changes.
Here is a quick list of 8 key times to consider reviewing and revising your estate plan documents.
Major Life Events:
This is an easy one that most people would know, but you’d be surprised how often, in the flurry of things, updating the estate plan is lost in the shuffle.
· Marriage or divorce
· Birth or adoption of children or grandchildren.
Change in Your Financial Situation:
· This includes a significant increase or decrease in assets, such as acquiring real estate or businesses.
Changes in Beneficiary Status:
· If a beneficiary named in your will or trust passes away, you should revise your documents to designate a new beneficiary.
· It happens in the best of families, even with best friends; if an estrangement occurs, you may wish to adjust your estate plan accordingly.
Relocation:
· Estate planning laws can vary between jurisdictions, so if you relocate to a different state or even country, it is important to review your documents to see if changes need to be made to ensure they remain valid and effective.
Changes in Personal Representatives or Trustees:
· If the individuals you previously selected to serve as your executor or trustee can no longer fill that role, perhaps through age or a change in willingness, you should update your documents accordingly.
Changes in Tax Laws:
· Tax laws can change over time, and this is where it is of utmost importance to work with an experienced estate planning attorney to ensure your plans align with current tax regulations.
Changes in Personal Wishes:
· This covers a lot of ground, from how you wish your funeral should be conducted to who gets your vintage car or even how to care for your pet dog after you’re gone. Even if you don’t meet with your estate planning attorney, you might want to go back and review your documents periodically to ensure you still feel the same about everything.
Aging and Health:
· As you age, it becomes increasingly important to have provisions in place for managing your affairs if you become unable to do so. This may involve updating your power of attorney, healthcare proxy, and living will—something to consider.
Again, while I offer a complimentary review of estate plans with my current clients every three years, if anything on the above checklist happens in the meantime, it is advisable to call me for a consultation. You don’t want loved ones left out, nor do you want to leave a legal mess for them because your plan was not up-to-date. If you already have a plan but haven’t made any updates for a while, why not call me so we can bring it up to date together? Call me at 513-399-7526 or visit my website, www.davidlefton.com, to learn more.