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How Often Should You Review Your Estate Plan?

It is often asked by clients, how often should I review my estate planning documents?  Although we do the best we can to create a flexible estate plan, there are a couple of situations that should motivate clients to dust off their estate planning documents for a review – changes in life and changes in the law.

There are a number of potential life changes that will affect a person’s estate plan including but not limited to: change in marital status, birth of children or grandchildren, change in child’s marital status, incapacity or death of beneficiary, change in personal economic circumstances, or moving to another state.  Such changes most likely will have a direct impact on a person’s estate plan which could necessitate an update to the person’s estate planning documents.

It is impossible to predict changes to the laws that affect a person’s estate plan.  For example, earlier this year Congress made significant changes to the federal estate tax laws.  As a result of these changes, many older estate plans may result in higher income taxes and be more complicated than necessary.  At Jeffrey Burr, we strive to keep our clients reasonably informed of these types of changes through newsletters, blog posts, etc.  However, for most clients, a short half hour consultation may provide the ultimate peace of mind as to whether or not changes are necessary.

If you have not recently reviewed your estate planning documents and are unsure as to whether or not updates are necessary, please give the law firm of Jeffrey Burr a call to schedule a consultation with an attorney.

Attorney Collins Hunsaker