ESTATE PLANNING: Reviewing and Updating Your Plan

Once a legal document is drafted, reviewed and signed, it is often carefully laid to rest in a safe deposit box or file drawer and comes out again only when a party dies or a conflict arises. It is a good idea to periodically review and update all legal documents. Here are some events when a review of estate planning documents may be required:

  • Dissolution of a marriage
  • Death of a spouse
  • Marriage
  • Substantial change in estate size
  • A move to another state
  • Birth or adoption of children or grandchildren
  • Serious illness of family member
  • Change in business interest
  • Retirement
  • Chronic illness
  • Acquisition of property in another state
  • Change in tax, property or probate laws
  • A change in beneficiary attitudes
  • Death of beneficiaries
  • Financial irresponsibility of heir
  • Win the lottery

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