Reviewing & Updating Your Estate Plan
After you have established your estate plan, make sure it stays well-constructed by revisiting it on a regular basis or at significant life events.
A lot of individuals review their estate plan at regular frequencies, usually when they go over their entire financial plan. This can be accomplished yearly, twice a year, or quarterly; for estate planning particularly, the general suggestion is at least every 3 to 5 years or when there is a life occurrence. You might want to get assistance from your attorney or tax consultant.
In addition to regular reviews, it’s wise to review and update your plan at life occurrences such as the following:
- The birthing or adoption of a new child or grandchild
- When a child or grandchild is no longer a minor
- When a child or grandchild needs scholastic funding
- Death or change in situation of the guardian designated in your will for minor children
- Change in your number of dependents, like the addition of caring for someone who is not a minor
- Changes in your or your significant others economic or other objectives
- Getting married or divorced
- Illness or debilitation of your significant other
- Changes in your life or long-term care insurance coverages
- Buying a home or other significant asset
- Borrowing a considerable amount of money or taking on accountability for any other reason
- Large decreases or increases in the value of assets, like investments
- When you or your significant other receives a considerable inheritance or present
- Modification in federal or state statutes that covers taxes and investments
- When any family member has passed on, comes down with an ailment, or becomes debilitated
- The passing or change in situation of your trustee or agent
- Changes in your career, like a new job, raise, or when you start or close a business
Reviewing your estate plan regularly in addition to significant life occurrences is going to help guarantee that your legacy, both financial and in other respects, is passed on according to your wishes and that your heirs get their benefits as straight forward as possible.
Source
- Reviewing and updating your estate plan. Fidelity. (n.d.). https://www.fidelity.com/life-events/estate-planning/update-estate-plan
Arizona Family Law
Naming guardians in your will can be part of your estate plan. You may think you’re too young or don’t have enough money to justify the expense, but if you have children, you have priceless assets. There are many considerations when naming guardians for your kids. However, the process doesn’t have to be expensive or complicated.
There’s nothing better than the peace of mind you will have knowing you’ve protected your family at a time when they need it most. Let us help. Schedule a consultation or contact Ogborne Law, PLC of Arizona today.
