Sunday, February 20, 2011 When to update your estate planning documents?
I often get the question from my clients: when do I need to update my estate planning documents? My general response is that your estate plan may need updating anytime you have a life event. The next question is, of course: what constitutes a life event? Here is a list of some triggering events that should make you pull out your documents and determine whether an update is necessary:
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Change in marital status (married, divorced, or someone in estate plan gets married or divorced)
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Children (you've had a child since completing your estate planning documents, children reach 18 yrs, you've adopted a child)
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Death or Disability (if a family member, close friend or someone named in your estate plan dies or becomes disabled)
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Change in financial status (an increase or decrease in the size of your estate or nature of your assets)
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Change in the law (some changes in the law may have a dramatic impact on your estate plan)
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Relocation to a new state
There are many other events that can have an impact on your estate plan. Outside of the triggering events listed above, a good rule of thumb is to review your estate planning documents with your attorney every 3-5 years.
RYAN W. MONK, licensed in NC & SC
Elder Law, Estate Planning, Asset Protection |