When To Review Your Estate Plan

Developing an estate plan, while an essential first step in protecting your family and financial future, does not end when you sign and execute your will, durable power of attorney, and other important estate planning documents. Your estate plan should be reviewed periodically to determine if any changes or revisions should be made. Certain changes or events in your life also warrant a thorough review of your estate plan. Some examples include:

  • Substantial increase in the size of your estate
  • Purchase or sale of real estate
  • Relocation to another jurisdiction
  • Birth/Adoption of a child
  • Sale or purchase of a business
  • Loss of a job
  • Change in tax laws
  • Serious illness
  • Desire to change beneficiaries
  • Retirement

You should review your estate plan at least every 3-5 years or sooner if any major life event should occur. Consult a professional to discuss your options so you may have the peace of mind that your family is taken care of.