How Often Should You Review Your Estate Plan?


When you buy a new car, everything works perfectly. (At least, you hope that will be the case.) But in 3,000 miles, it's time to change the oil. In addition, you must monitor the coolant level in the radiator, transmission fluid, and power steering fluid. You need to make sure your alternator works to keep the battery charged.

What happens if you do not hold your car? Your engine could burn. Your transmission might fail. Your car could overheat. Your battery could become dead. This means that you are stuck on the side of the road hitchhiking to the nearest city.

Your estate plan is like your car. When you set it up, everything is up to date and accurate. But you need to keep an eye on your assets, your insurance, your proxies, your donations program, your distribution plan, your new agents, your beneficiaries and so much more. That's why it's important to meet with your estate planning lawyer every year.

You would not think of a long trip without making sure your car was in perfect condition. Yet every day, people undertake the long journey we call life. And the problem with our "journey of life" is that we are never sure of the end of this trip. It's a good idea to review your estate plan with your lawyer every year or two to see if your estate plan needs to reflect the changing situation of your family.

You have paid a lot of money for a complete estate plan that protects your family and property. So when was the last time you examined it? An old obsolete plan is fundamentally bad for you or your family. So take a little time to review your plan to make sure it works as you wish. If you die with an outdated plan, your current wishes will not be realized. A well-written plan should change and evolve as your family and life change and evolve. I recommend that you review your estate plan if any of the following events occur:

  • If you just got married or remarried
  • If you get a divorce (even just a legal separation)
  • If you move to another state
  • You acquire property in a different state
  • Your insurability for changes in life insurance
  • The birth of a child
  • You adopt a child
  • Your child is getting married
  • Your child's divorces
  • Your child gets sick
  • Death of a family member
  • Death of your spouse
  • Acquisition of real estate (in particular house, holiday home, etc.)
  • Changes in tax laws
  • Inheritance of property of family or friends
  • Sell ​​your business or buy a business
  • outgoing
  • Buying a property outside your home country
  • One of your beneficiaries is experiencing economic change, good or bad
  • One of your beneficiaries has changed attitude towards you
  • One of your beneficiaries turns out to be financially irresponsible
  • One of your beneficiaries dies

No matter which of these milestones may affect your estate planning and require the addition, deletion or revision of a disposition or require you to rewrite the entirety of your plan. Ask your lawyer if he / she has an update and maintenance program that you can participate in. Thus, your estate plan will be reviewed and updated regularly, so that it will work for you during your lifetime and when you will need it. more.

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