When Should You Update Your Estate Plan?

An outdated estate plan is an ineffective estate plan, so you need to make sure you keep your plan up-to-date. There are certain key life moments when you need to revisit your plan.

• When you get married — either a first marriage or a remarriage.
• When you have children or grandchildren, you can use your estate plan to name a guardian for your children and to create a trust for your minor heirs.

• If your spouse dies or you get divorced, you should make sure your estate plan reflects this.

• If your estate increases in value or decreases in value, you may need to evaluate your estate plan to determine if it properly minimizes estate taxes.

Other reasons to have your estate plan updated could include:

• You move to another state
• Federal or state estate tax laws have changed
• A guardian, executor, or trustee is no longer able to serve
• You wish to change your beneficiaries
• It has been more than 5 years since the plan has been reviewed by an attorney
• If you or your spouse become ill, especially if the illness may result in long term care expenses such as Alzheimer’s or Parkinson’s
• If you wish to consider tax planning
• If you have a disabled spouse, child or grandchild a special needs trust may save thousands of dollars in care costs

Contact our office to schedule an initial consultation for any Probate or trust administration, tax advice, Estate Planning, Medicaid Planning, or Veterans Benefits needs at (941) 906-1231.