Hopefully, you’ve sat down with me or another estate planning attorney to protect the interests of your heirs and minimize potential estate tax liability (at least for the near future) this year by designing an estate plan for your family. But estate plans are a work in progress – you don’t just sign them and forget them. This is especially true in a volatile election year when change is almost certain.
Even in a non-election year, it is essential to review your documents, especially if they were developed three or more years ago AND if any of these nine events have occurred …
(1) Changes in Personal Relationships. Did you divorce or remarry? Have a parting of ways with a family member, best friend of business partner? 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
- When a child or grandchild reaches the age of majority,
- When a child or grandchild has education funding needs
(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 large 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 or purchased a second home.
(9) You haven’t reviewed your documents in more than 3 years.
Remember, if you experience any of these situations, be sure to contact Seiter Law for an appointment to review your documents.