When Should I Update My Estate Plan?


One of the most frequent questions I get when finishing an estate plan is: “When should I look at this again?”

There are four primary triggers which should cause someone to review an estate plan. They are:

  1. A substantial life event such as the birth of a child, marriage, or divorce. 

This could also include a change in the status of a guardian, executor or other person appointed in the plan.

  1. A material change to your net worth.

If your finances change significantly, for better or worse, your plan should be revisited to ensure it is still optimal.

  1. A change in law.

If there is a change to either federal or state estate tax laws, your plan should be looked at. This would also include situations where someone moves from one state to another or purchases land or buildings in a state outside his or her state of residence.

  1. Passage of time.

I encourage my clients to check in every two years for an estate plan “check up.” In most circumstances, there are no revisions necessary but it provides the opportunity to update all the information provided in creating the plan and making sure no changes are necessary to carry out my clients’ wishes.

If any of these circumstances apply to you, Bayer & Black, P.C. is ready to help.


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