You paid good money for a comprehensive estate plan to protect your family and assets. So, when was the last time you reviewed it?
An old, outdated estate plan is basically no good to you or your family, so take a little time to have your plan reviewed to make sure it will work the way you intend. If you pass away with an outdated estate plan, your current wishes will not be carried out.
A well written estate plan should change and evolve as your family and life change and evolve. I recommend you review your estate plan at least every three years or sooner if one of the following events occurs:
- If you are newly married or if you re-marry
- If you get a divorce (even just legal separation)
- If you move to another state
- The birth of a child
- You adoption a child
- Death of a family member
- Property acquisition (especially house, vacation home, etc.)
- Changes in tax laws
- Inheriting assets from family or friends
- Selling your business or buying a business
- Buying property outside of your home state
Any one of these life changing events can affect your estate plan and require the addition, deletion, or revision of a provision or require you to rewrite your entire plan.
Ask your attorney if he/she has an updating and maintenance program that you can participate in. That way, your estate plan will be regularly reviewed and up-to-date to truly reflect your wishes.
If you live in Maryland or Washington, D.C. and want to learn more about Estate Planning, contact us anytime.