How often you should have your estate plan reviewed depends largely on where you are in life:
- In your 30s and 40s, every three to five years.
- In your 50s and 60s, every two to three years.
- In your 70s, every one to two years.
- In your 80s and beyond, every year.
There also are life events that, when they occur, make it a good idea to contact your attorney to schedule an estate plan check-up, including:
- Divorce (yours or a beneficiary of yours).
- Death of a spouse.
- A substantial change in the size of your estate (for example, if you receive a large inheritance or win the lottery).
- A move to another state.
- Death or serious of any personal representative, trustee, guardian, conservator or beneficiary that you have named in your legal documents.
- Birth or adoption.
- Death or serious illness of a family member.
- Changes in any business interests you may have.
- Change in your health.
- Change in your eligibility for life insurance.
- Acquisition of property in another state.
- Changes in tax, property or probate and trust law (if applicable to your estate).
- A change in your attitude toward your beneficiaries.
- Any new financial responsibility.
Remember that an estate plan is not simply a “piece of paper.” It’s peace of mind. There is no better time than today to help secure your family’s financial future with a comprehensive estate plan.