Happy New Year! We are just a week in and many of us have started our New Year’s Resolutions. Number One on the list seems to be to get healthier and number two seems to be more organized. May I add a third?
If you’ve invested in an estate plan for your family, this is great news! To keep this important investment working for you, there are some general rules of thumb as to when to update your plan:
1. Changes in Personal Relationships. Did you divorce or remarry? Have a parting of ways with a family member or best friend? Did you adopt? Has anyone passed away? Any of the following occasions listed below are important times to review your plan and make any changes:
- Birth or adoption of a child/grandchild
- Death of someone named in your will
- Children have reached the age of eighteen
2. A change in the circumstances of your executor, guardians, trustees, etc. Again, did anyone pass away or did you change these relationships so that there should be a review and possibly changes made?
3. You would like to donate part of your estate to a charitable organization.
4. If there is a larger change in your estate’s value either because you lost assets or gained them.
5. You became an entrepreneur and started a business of your own. Learn more HERE.
6. There was a change in tax laws (as there has been this year).
7. You are retiring or dipping into your IRA or 401K.
8. You have moved to a different state. Learn more HERE.
9. You haven’t reviewed your documents in more than three years.
If you experience any of these situations, then be sure to contact Seiter Law for an appointment to review your documents. NOTE: This is an update to a previous post published on 10/2016 HERE