Thursday, October 8, 2015

Estate Plan Updates?

People often ask about the frequency with which their estate plans should be reviewed or updated.

It is best to review an estate plan at least every five years so that documents can be updated to incorporate any changes in circumstances as well as the ever-changing law.

There are a number of situations that may indicate a need for new or amended estate planning documents, including:
  • Changes in health
  • Changes in marital status
  • Births and deaths
  • Changes of mind with respect to a beneficiary, agent, executor, trustee or guardian
  • Property acquisition or relocation to another state
  • Changes in business interest or wealth