Time to Update Your Estate Plan

Once you have established an estate plan, your work isn’t done. Although there are many reasons to review and update your will and other estate planning documents, make sure it stays sound by revisiting it at regular intervals or at key life events.  Here is a brief list of the most likely events that can prompt you to contact your estate planning attorney.

  1. The birth or adoption of a new child or grandchild

  2. When a child or grandchild becomes an adult

  3. When a child or grandchild needs educational funding

  4. Death or change in circumstances of the guardian named in your will for minor children

  5. Changes in your number of dependents, such as the addition of caring for an adult

  6. Change in your or your spouse’s financial or other goals

  7. Marriage or divorce

  8. Illness or disability of your spouse

  9. Change in your life or long-term care insurance coverage

  10. Purchasing a home or other large asset

  11. Borrowing a large amount of money or taking on liability for any other reason

  12. Large increases or decreases in the value of assets, such as investments

  13. If you or your spouse receives a large inheritance or gift

  14. Changes in federal or state laws covering taxes and investments

  15. If any family member passes away, becomes ill, or becomes disabled

  16. Death or change in circumstance of your executor or trustee

  17. Career changes, such as a new job, promotion, or if you start or close a business

Reviewing your plan at regular intervals in addition to major life events will help ensure that your legacy, both financial and otherwise, is passed on in accordance with your wishes and that your beneficiaries receive their benefits as smoothly as possible.If you or someone you know have questions about estate planning, please contact attorney Sarah Geltz of the Kendrick Law Group for a complementary consultation 407-641-5847.

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