There is a line from John Lennon that states, “Life is what happens to you while you’re busy making other plans.” This is especially true when reviewing your estate planning. Maybe your estate plan was created when you were single, and there have been some significant changes in your life. Perhaps you got married or divorced. You also may now be on better terms with children with whom you were once estranged. This is why you should periodically review your estate planning to ensure they are accurate and up-to-date.
Tax and estate laws can also change over time, requiring further updates to your planning documents.
WMUR’s recent article entitled “The ‘final’ estate-planning step” reminds us that change is a constant thing. With that in mind, here are some key indicators that a review is in order.
- The value of your estate has changed dramatically
- You or your spouse changed jobs
- Changes to your income level or income needs
- You are retiring and no longer working
- There is a divorce or marriage in your family
- There is a new child or grandchild
- There is a death in the family
- You (or a close family member) have become ill or incapacitated
- Your parents have become dependent on you
- You have formed, purchased, or sold a business;
- You make significant financial transactions, such as substantial gifts, borrowing or lending money, or purchasing, leasing, or selling assets or investments
- You have moved
- You have purchased a vacation home or other property in another state
- A designated trustee, executor, or guardian dies or changes his or her mind about serving; and
- You are making changes in your insurance coverage.
Your should review your estate planning after every major change of life. Sit down with your estate planning attorney and take the time to review your planning. If you would like to read more about making changes to your estate planning, please visit our previous posts.
Reference: WMUR (Feb. 3, 2022) “The ‘final’ estate-planning step”