How Often Should I Have My Estate Plan Reviewed and Updated?

How Often Should I Have My Estate Plan Reviewed and Updated?

Middle aged business woman with a document at workThis is an excellent question, and the answer is highly-dependent on an individual’s unique life events. Generally, you should review your estate plan, on your own, at least once a year. You might not think that any significant changes to your estate plan are required, but a simple review of the plan and contemplation of your recent life events may trigger a need for professional review. Events in your life which should automatically cause you to have your estate plan reviewed include:

  • A change in your marital status and/or death of a loved one;
  • The death and/or change in marital status of an immediate or close family member;
  • The birth of a child;
  • A change in your state of residence;
  • The sale or exchange of real property;
  • The retirement of you or your spouse;
  • A significant change in the value or character of your assets;
  • The potential purchase or sale of a business interest;
  • A significant change in your beneficiaries due to death or some other reason;
  • A significant change regarding a potential guardian, trustee, or personal representative;
  • A change in federal or state tax law occurs which may impact your estate; or
  • Your estate plan has not been reviewed since the passing of EGTRA 2001 and the current 2011 and 2010 estate tax rules.

Finally and most critically, you should have your estate plan professionally reviewed at least once every four years – regardless of any of the circumstances listed above.  As we often say, “An outdated estate plan can be as dangerous as having no estate plan at all.”

Schedule an appointment with us today to have your existing estate planning documents reviewed and updated or re-drafted accordingly.

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