“When it comes to a will or estate plan, don’t just set it and forget it. You need to keep them updated,” says CNBC article, https://www.cnbc.com/2021/12/07/its-essential-to-review-your-will-or-estate-plan-every-few-years.html
In our experience, we have found it is highly unusual for a client’s life situation to remain the same for more than a few years and it is critical that you regularly review your estate plan. You want to make sure your estate planning documents reflect your current life situation. Why? Because in the event of disability or death, your most current documents control not only who receives your property, but who will be responsible for your healthcare and financial decisions.
WHAT SHOULD YOU LOOK FOR THAT MIGHT TRIGGER THE NEED FOR AN ESTATE PLAN UPDATE?
- Family changes such as the marriage, divorce, illness, or incapacity of anyone included in your estate plan as well as the birth, adoption, or death of children and grandchildren.
- The maturity of your children and the roles they should or should not serve in your estate plan.
- Your current relationship with successor trustees or beneficiaries.
- Who you have named to make healthcare decisions for you if you become disabled
- Relocation to another state.
- Potential liabilities.
- Life insurance needs or existing policies with a beneficiary other than your trust.
- Charitable intentions.
- Changes in Federal and/or State Law.
- Do you have a new home or other real property
- Any growth of your retirement plans such as an IRA or 401(k).
- Basically – Have there been any significant changes in your financial situation.
- AND TAKE TIME to review your Asset Detail Report, if there are significant changes, let us know.
- While reviewing your assets, make sure the funding of your trust is complete. Should you need assistance with funding, we have staff in place who can assist.
If any of these events have occurred since you last updated your plan, please contact us or BOOK A CALL. Together, we can determine if an update to your estate plan is necessary. You may also find a copy of the self-checkup list on our website that can help guide you through a basic review, but if it has been more than two years since we have formally reviewed your plan with you, please contact us!
And one more thing, if your contact information has changed, please let us know so we can update our records.