When to Tune Up Your Estate Plan

If coronavirus has taught us anything, it is that life is unpredictable and things are constantly changing and evolving. Due to the ever-changing aspects of life, you should update your estate plan as your life situation changes. 

Below are a few life events that may spur a change or at least a review of your estate plan:

• Changes in Federal laws. 
  • have changes already occurred
  • Are they expected to change?
• Marital status
• Children, grandchildren, & dependents
  • Have you had children or have your children had children?
  • You may need to add or remove beneficiaries based on the children being born or even dying. 
  • You must also consider college funds and other accounts similar in nature. 
• Changes in assets and ownership 
  • Have you acquired new properties?
  • New or old businesses? 
• Gifts and Donations
• Home and Health 
• Executors, Guardians, and Powers of Attorney 

See Alicia Lowe, When to Tune Up Your Estate Plan, Schwabe, Williamson, & Wyatt, September 22, 2020. 

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.