Checklist: 9 Reasons to Update Your Estate Plan

checklist-reasons-to-update-epIf you’ve invested in an estate plan for your family, this is great news! In order to keep this important investment working for you, there are some specific times you should pay attention to in order to keep your self and family completely covered. Here are some general rules of thumb to use as to when to check in with us 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
  • Marriage/divorce
  • 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.

6. There was a change in tax laws (find out when you file your taxes in February).

7. You are retiring or dipping into your IRA or 401K.

8. You have moved to a different state.

9. You haven’t reviewed your documents in more than 3 years.

If you experience any of these situations, then be sure to contact Seiter Law for an appointment to review your documents.

 

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