Saturday Finances—Updating Your Estate Plan

Estate Plan Maintenance

Rule of Thumb

Getter done in 2016!

Updating your will or trust can and should be done on a regular basis (annually, semi-annually, or longer).  

The general recommendation for updating an estate plan is every three to five years or whenever a major life event takes place.

Life Events
  • Birth or adoption of a child or grandchild
  • When a child or grandchild becomes an adult
  • Educational funding for a child or grandchild
  • Death or change of guardianship of minors
  • Changes in your number of dependents, such as caring for an adult
  • Changes in your financial goals (e.g. college savings to retirement savings)
  • Marriage or divorce
  • Illness or disability of a spouse
  • Change in life or long-term care insurance
  • Purchase of a home or other property
  • New long-term liability or debt
  • Large increases or decreases in the value of assets (e.g. cashing in investments)
  • Large inheritance or gift
  • Changes in state &/or federal laws that affect your taxes or investments
  • Death of a family member
  • Change of executor or successor trustee 
  • Launch or closure of a personal business

Doing It Right

Get help from your estate attorney to make the necessary changes.  An attorney who specializes in estate planning will ensure that your wishes are reflected accurately in your estate plan and that your beneficiaries receive their benefits without a lot of unnecessary legal hiccups.

Helpful links:

be smart • plan wisely  

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