Is it time to update your estate plan?

How long has it been since you last reviewed your estate plan and any related documents?

Never, you say?

Then there’s a very good chance that it’s time to do so.

But let’s back up just a bit. Do you have a will, power of attorney and/or an advanced medical directive?

If not, read my post about why it’s so important to have an estate plan.

If you DO have an estate plan, that’s great! But remember that you may need to update your plan when certain major life changes occur. These changes include:

  1. Starting a family
  2. Death of a family member
  3. Birth of a new family member
  4. Divorce or legal separation
  5. Marriage
  6. Significant change in financial circumstances (If you win the lottery, you should update your estate plan!)
  7. Beginning or ending of a domestic partnership

Because an out-of-date estate plan can be as problematic as no plan at all, it is important to review your will on a regular basis to make sure it is still working for you.

Even if one of the life events listed above doesn’t occur, reviewing and possibly updating your estate plan every five years is recommended. I even suggest reviewing your plan annually. The American Institute of CPAs recommends a brief annual review as well in case a change tax code effects your estate. (We can even refer you to a CPA if you have specific questions.)

A qualified estate-planning attorney can help you make changes to ensure your plan is in fighting shape.

Call Limitless Law at (360) 685-0145 to schedule your estate plan review today!