Life is full of changes, including your own opinions and views. To ensure your estate plan reflects those changes, it needs to be reviewed and updated on a regular basis.
Some changes in life that might affect a change in your Estate Plan include:
- A marriage or divorce
- Adoption of children
- Inheritances that you receive
- Selling or buying business or property
- Winning the lottery
In addition to life events, there are also changes in state laws, federal statutes and regulations and tax laws. These changes can require revisions to your documents – fortunately, a good estate planning attorney will always know when this type of change is required.
So, how often should you update your plan?
Obviously, if there’s an event in your life, a review with your attorney is probably a good idea. But in addition to revisions resulting from life’s changes, our clients know they can attend our annual client appreciation events. At the next event we will be introducing a formal maintenance program, and we think you will find that this is well worth the time and expense. A regular review of your estate plan ensures that your always up-to-date.