How often should you review your estate plan?

You should review your estate planning documents (will, trust, health care surrogate, durable power of attorney and living will) every three to five years. In just a few short years, major milestones can occur in life that can require you to make important decisions regarding your health care, enjoying your retirement years, and providing for those you care about.

Below are some life events that may trigger a review and possible update to your estate planning documents:

Death or Incapacity: If a key person in your trust dies, an amendment may be necessary. Review your trust to determine whether an alternate is identified or if you need to appoint someone capable of accomplishing those responsibilities.

Divorce: If you or one of your beneficiaries divorces or gets married, you may need to change some of your estate planning documents.

Birth of Child or Grandchild: Addition of children or grandchildren to the family may also inspire you to change how you intend to distribute your assets at death.

Child becomes an Adult: When your child or grandchild hits the age of majority or maturity level, it may require a change in your documents.

Financial Change: If your financial situation changes for any reason, you may need to conduct additional planning. For example, if you sell a business, buy a business, or inherit funds.


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