When You Should Review Your Existing Plan

Many people think that Estate Planning is a one-shot deal.  They get a plan done and then lock it away for years and years.  In reality, your life is constantly changing, and it is critical that your estate plan change along with it.  Your estate plan documents should be reviewed by you and an attorney regularly to ensure that they are still aligned with your goals.  There are numerous events that could change your estate planning needs, and we have listed some of the more common ones below.  You will notice that the events on this list happen in our families all the time.  Maybe you can even think of some that are not even on the list! 

We recommend that your estate plan should be reviewed every three to five years. 

Many of our clients are surprised at how much has changed in a relatively short period of time, and they are glad that they are reviewing and changing some things.  If you have not reviewed your plans recently, it may be a good idea to make an appointment to do so.

Some reasons to consider reviewing and/or revising your trust:

• Marriage, remarriage or divorce
• Death of a spouse
• Big change in total asset value
• Death or incapacity of an executor, guardian or trustee
• Relocation to another state
• Purchase of real estate outside of California
• Birth or adoption of a child or grandchild
• Serious illness of a family member
• Purchase or sale of a business
• Retirement  
• Marriage or divorce of any beneficiary
• Beneficiary develops a drug, alcohol, or gambling problem
• Beneficiary becomes financially irresponsible
• Beneficiary begins a career with increased risk of law suits (lawyer, doctor, etc.) 
• Changes in tax laws
• Three or more years have passed since your last estate plan review with an attorney