9 Times You Need to Review Your Estate Plan
It's important to review your estate plan periodically to ensure it reflects your goals. Here are 9 times it is recommended.
This is an excerpt from my consumer guide to estate planning: Estate Planning 101; Tools, Techniques and Frequently Asked Questions. While estate planning contemplates the future and tries to accommodate the possibility of major life events changing a plan, it is important to review your estate plan with your attorney regularly to ensure that it still reflects your wishes and is consistent with current laws.
Specifically, it is strongly recommended that you review your plan with your attorney upon the occurrence of any of the following life events: There has been a change in your marital status or that of your children, grandchildren or any other beneficiary;
► There has been an addition to your family through birth, adoption or marriage;
► A spouse or other family member has died, become severely ill or incapacitated;
► You have become responsible for the wellbeing of a family member;
► You have recently received a substantial gift or inheritance;
► You have recently made a substantial gift or charitable donation;
► Your income levels or sources of income have changed;
► You are retiring;
► You have gotten involved with a new business venture or purchased a substantial interest in an existing business;
► You have attempted to change your estate plan on your own.
Michael F. Brennan runs a virtual law office helping clients in Illinois, Wisconsin, and Minnesota with estate planning and business law issues. He can be reached at michael.brennan@mfblegal.com with questions or comments, or check out his website at www.thevirtualattorney.com.
The information contained herein is intended for informational purposes only and is not legal advice, nor is it intended to create an attorney-client relationship. For specific legal advice regarding a specific legal issue please contact me or another attorney for assistance.
