Is It Time To Review Your Estate Plan?

I am often asked if a will or other estate planning document is good for the rest of a persons life.  Estate Planning is not a one time deal but a lifetime process that requires periodic review of your estate planning goals and objectives and legal documents as circumstances in your life change. Each year at tax time you should review your estate planning documents to be certain if they still meet your goals and objectives.  Here is a short list of life changes or activities that could alter your estate-planning needs:

1.  More than 3 years since review of the plan with an attorney

2. Marriage or divorce

3.  Death of a spouse

4.  Large change in estate size

5. Relocation to another state or the purchase of real estate in another state

6.  Birth/Adoption of a child

7.  Serious illness in the family

8.  Change in business interest or retirement

9.  Marriage or divorce of an heir/beneficiary

10. Irresponsibility of a child