Events Requiring an Estate Plan Update

Brian SingletonBlog, Old Site, Watch Your Wallet

Generally speaking, your estate plan should be reviewed every two years to determine whether it needs to be changed or updated.

Additionally, if any of the following events occur, you’ll probably need to update your estate plan (i.e., your will, health care documents, powers of attorney, life insurance coverage, and post-mortem letters).

  • Divorce
  • Marriage or remarriage
  • Birth/adoption of child
  • Death of spouse or child
  • Sale of residence or purchase of new residence
  • Retirement
  • Enactment of new tax laws

Tip: We suggest that you consult with the professional who prepared your estate plan should any of these events occur.

Here are some of the steps you may need to take:

  1. Change an executor,
  2. Revise a will to account for an increase in assets,
  3. Reassess your life insurance needs,
  4. Add or change a power of attorney,
  5. Change legal documents to comport with state laws if you move to a different state,
  6. Change wills or trust instruments to account for changes in beneficiaries, or
  7. Change your post-mortem letter to reflect new assets, changes in executors, or other changes.

Tip: Because of the recent changes to the estate tax laws, many estate plans may need to be revised.