Your estate plan is only as good as the protections you put in it, so that perfect plan you created ten years ago may not be so perfect today.
The birth of a child, the death of a loved one, divorce, marriage, retirement – these are all events that can change the needs of your estate. And your estate plan should grow and change with you.
There are two ways to ensure your plan stays up-to-date:
The first is to go through all the documents in your estate plan with a qualified attorney every three to five years. These “check-ups” can be a lengthy process, depending on the complexity of your plan, but it does ensure that everything is reviewed and nothing is missed.
Your attorney will ask about any major life changes since your last update and you’ll also likely review beneficiaries, guardians and your plans for the future as well. The goal is to make sure your plan covers your life as it is now and in the foreseeable future.
The second option is to make changes when a major life event occurs. This can include the list above, as well as other events, such as buying or selling a home, starting a new business, and changes in health or long-term care needs.
Updating your plan as these events occur doesn’t completely eliminate the need for those periodic check-ups, but it can make them easier and it also keeps your plan current in-between major reviews.
The good news is that you can get started today! Spiegel Law, PLLC, offers free consultations, so call us today! We’ll walk you through the estate planning process and help you create an estate plan that gives you and your family peace of mind!