When Should You Update Your Estate Plan?
How Often Do You Update Your Estate Plan? More Often Than Your Resume?
A resume is a “snapshot” of your experience, skill set, and education which provides prospective employers insight into who you are and how you will perform. Imagine not updating that resume for 5, 10, or even 15 years. Would it accurately reflect your professional abilities? Would it do what you want it to do? Likely not. Estate plans are similar in that they need to be updated on a regular basis to reflect changes in your life so they can do what you want them to do.
Outdated estate plans – like outdated resumes – simply don’t work.
Take a Moment to Reflect
Think back for a moment – think of all the changes in your life. What’s changed since you signed your will, trust, and other estate planning documents? If something has changed that affects you, your trusted helpers, or your beneficiaries, your estate plan probably needs to reflect that change.
Here are examples of changes that are significant enough to warrant an estate plan review and, likely, updates:
- Divorce or separation
- Health challenges
- Financial status changes – good or bad
- Tax law changes
- Move to a new state
- Family circumstances changes – good or bad
- Business circumstances changes – good or bad
With the end of the year fast approaching, call my office now to get your estate planning review on the calendar. If you’re like most people, if it’s on the calendar, you’ll make it happen. Just as you update your resume on a regular basis and just like you meet with the doctor, dentist, CPA, or financial advisor on a regular basis, you need to meet with me on a regular basis as well. I’ll make sure your estate plan reflects your current needs and those of the people you love. Updating is the best way to make sure your estate plan will actually do what you want it to do.