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Showing posts from January 23, 2016

Saturday Finances—Updating Your Estate Plan

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Estate Plan Maintenance


Rule of Thumb



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 grandchildWhen a child or grandchild becomes an adultEducational funding for a child or grandchildDeath or change of guardianship of minorsChanges in your number of dependents, such as caring for an adultChanges in your financial goals (e.g. college savings to retirement savings)Marriage or divorceIllness or disability of a spouseChange in life or long-term care insurancePurchase of a home or other propertyNew long-term liability or debtLarge increases or decreases in the value of assets (e.g. cashing in investments)Large inheritance or giftChanges in state &/or federal laws that affect your taxes or investmentsDeath of a family memberChange of executor or successor trust…