When Should You Consider Changes to Your Estate Plan?

It is beyond debate that estate planning is a time and money investment that provides inestimable financial benefits for all families regardless of whether there are children or an array of financial assets. Creation of an estate plan is the first step, followed by the process of re-titling assets if the estate plan features a trust (read more here). However, the estate planning process does not stop once all documents are signed or assets are re-titled.

Over time, changes can occur. Those changes include laws affecting estate tax thresholds or changes closer to home, such as the growth of a family or loss of a loved one. Estate planning is a fluid process and incorporating regular reviews annually will ensure the documents continue to benefit you and ultimately your beneficiaries. In addition to regular reviews, audit your documents with an attorney around these events:

  • Birth or adoption of a child
  • Marriage or divorce
  • Transition to adulthood of a child or grandchild
  • Acquisition of new home or large asset
  • Disability or disease
  • Receiving an inheritance from another estate
  • New business ventures

It is also beyond debate that we are all a moment from the time when we can no longer make changes to an estate plan due to death or a permanent disability.  Make sure your estate plan is in order by consulting an experienced attorney who will be able to determine what documents should be updated in order to assure that your estate planning goals are achieved. If you are considering an audit or updating your estate plan, contact our office for high-quality estate planning experience.

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