Updating Your Estate Plan

Once you create your Estate Plan, you can relax and take a deep breath, for a time, knowing that you have taken care of very important matters for your family.

As time goes on, life changes and your Estate Plan may need to change with the times.

Whether it’s updating your Trust to show new assets you have acquired or changes regarding the beneficiaries you named or possibly changing the person or persons you selected to be in charge, updating your Estate Plan is something you should think about in like routine maintenance.

It’s certainly not something that needs to be done every year, but it is something that should be looked at from time to time and certainly at least every five years, depending on whether your circumstances have changed.

For example, buying and selling real property is a change in your life that should trigger a review of your Estate Plan.

Diagnosis of a long-term illness is a change in your personal circumstance that should trigger a review of your Estate Plan.

The birth of a child or children in your family may change the individuals who you want to inherit.

If someone you named as an agent or fiduciary, to take over when you are no longer able to manage your finances, has had a life change such that he or she is no longer able to assist you, that should trigger a review of your Estate Plan.

An Estate Plan is not a static plan.  As we know, sometimes plans change and your Estate Plan can be updated to meet the changes that have occurred in your life.

Reviewing your Estate Plan periodically ensures that your Plan reflects your current wishes.

If you would like to review and update your Estate Plan, the experienced Attorneys at Owens & Perkins will guide you through each step of the way, with the goal being to bring you back to having peace and peace of mind.