For those of you with an estate plan already, good for you! But we have a piece of additional advice: make it a priority to review the plan every two years to see whether it needs updating.
Here are the life events that necessitate an update to your plan:
- Marriage or remarriage
- Birth/adoption of child
- Death of spouse or child
- Sale of a residence or purchase of new residence
- Enactment of new tax laws
- Name a different executor
- Revise your will, especially if your assets have increased significantly
- Reassess your life insurance needs
- Add or change a power of attorney
- Change legal documents to comport with state laws if you move to a different state
- Change wills or trust instruments to account for changes in beneficiaries
- Change your post-mortem letter to reflect new assets, changes in executors, or other changes
Due to recent changes in estate tax laws, many estate plans may need to be revised. Give us a call to review your current situation.