Many people forget the most important and final estate planning step, which is reviewing their materials on an annual, if not other regular basis. There are several primary reasons to do this and all can be accomplished with the help of an experienced estate planning attorney. One of the most important things you can do is set up a regular yearly meeting with your estate planning specialist to discuss any changes.
What follows are some of the most common reasons why you may contemplate a change in your estate planning materials.
- Changes in your economic situation such as retirement or changes to your income level.
- Changes in your employment. If you or your spouse have recently changed jobs, you may need to evaluate your estate plan.
- Changes in the value of your estate. If the value of your estate has changed significantly in one direction or another, you may need to update your planning.
- Major transactions. If you have borrowed or loaned someone money, purchased or sold assets or made substantial gifts, you may need to update your estate planning.
- Changes in family situations. Some of the most common reasons for this include that your marital status is changed, a child has been born or someone else listed as a beneficiary has passed away.
- The death of an executor, guardian or trustee. If you have stipulated other individuals to step into important roles after you pass away and they themselves have passed away, you need to update your materials as soon as possible.
- Changes in your insurance coverage. If you have recently altered your insurance coverage, this may be a good reason to update your estate planning tools now.
