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Estate Planning Series: When Is it Time to Update your Estate Planning?

July 22, 2020

 

 

 

 

 

 

 

We covered the estate planning basics in a prior post.  Now we will turn to when is time to update your estate planning? 

 

Estate planning is not a one time experience. Circumstances change, people change and the law changes. Your estate planning must keep up with those changes.

 

At Leos & Gilkerson, PLLC, we generally recommend people review and possibly update their estate planning documents every 3 to 5 years. Research shows that most individuals will experience a life event every 3-5 years, which may result in the need to update your estate planning.  Below are situations where it would be a good ideal to review and update as may be necessary your estate planning:  

 

  1. Death in the Family. If anyone named in your Will or other estate planning documents has passed away, you should update your Will and other estate planning documents.

  2. New Addition to the Family. New baby, possibly new pet, means an estate planning update is in order. We have provided a new baby checklist that might be helpful in this regard

  3. Children become Legal Adults. When each of your children attain the age of 18 years old. 

  4. Divorce or Marriage.

  5. New state laws. You need to periodically check to see whether your state has enacted new laws that impact your estate planning documents.

  6. Move to a Different State.  If you move to a different state, do not assume that your estate planning made in your previous state of residency conforms to the requirements of your new state. Each state has its own legal requirements for estate planning. 

  7. Receive inheritance. If you receive an inheritance this may increase the estate tax you may owe. You may also want to secure your inheritance as separate property.

  8. Change in Financial Situation. A substantial increase or decrease in the value of your estate.

  9. Sale/Purchase of Significant Asset. The acquisition or disposition of a significant asset.

  10. Life Insurance.  If you purchase a new life insurance policy or if a term life insurance policy ends.

  11. Approaching Retirement Age. You should see an attorney about reviewing and updating your estate plans prior to reaching retirement age or  if you have an IRA, 401(k), or other qualified plan that requires you to begin to take distributions at age 72.                                                                                                             If it has been a while since your estate planning documents were reviewed or you fall under one of the situations listed above and need to update your estate planning, contact us, we would be happy to assist you. 

 

Disclaimer: The information in this blog post (“post”) is provided for general informational purposes only, and should not be construed as legal advice from Leos & Gilkerson, PLLC or the individual author, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through, this Post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a licensed lawyer. 

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