We are frequently asked how often an estate plan should be reviewed. Although there are no hard-and-fast rules about when you should review your estate plan, a good rule of thumb is to do a review immediately after any major life event. You should also do a quick review once a year based on the economy or tax law changes, and every five years for a thorough review. Here is a list of life events that may require a review of your documents:
- Your marital status has changed or the marital status of your children or grandchildren has changed
- There has been an addition to your family through birth, adoption or marriage
- You want to add or change charitable beneficiaries
- Your spouse or family member has died, become ill, or is incapacitated
- There is a need for control and creditor protection for spendthrift beneficiaries
- You have changed your domicile
- There has been a substantial change in the value of your assets or in your plans for their use
- Your income level or requirements have changed
- The executor, trustee, or guardian changes his or her mind about serving in that capacity
Reviewing your estate plan will not only give you peace of mind, but will also alert you to any changes that need to be addressed. If you have questions about your estate plan, talk with your financial advisor or give us a call. We offer complimentary estate plan reviews and are happy to help with any financial question you may have.
