The Best Time to Review your Estate Plan
Creating an estate plan is a process, and not just a single, isolated event. The only constant in life is change. So as your assets and family matures, your estate plan may need to adjust to those changed circumstances. It is important to maintain your estate plan to ensure it is keeping up with the changes going on in your life.
Below are just a few circumstances that would necessitate a plan review:
- Birth or death of a family member or potential beneficiary;
- Divorce - whether it's yours or someone identified in your estate plan;
- Change in your distribution plan;
- Change in your financial circumstances;
- Change in your property ownership;
- When you have a desire to change one of your named "fiduciaries" or alternate fiduciaries (e.g., personal representative, successor trustee, financial power of attorney; health care agent, etc.) in your legal documents.
You should initiate a review under any of these circumstances. Even if you perceive none of these circumstances have changed, it is generally advisable to review your plan with your estate planning attorney every 2-3 years.