Once your Estate Plan has been established, do not forget to make sure it remains sound through evaluating any life changes regularly.
Often individuals prepare their estate plans and then store them in a safe place and forget about them.
It is essential to regularly evaluate whether your Estate Plan continues to reflect your wishes and current life status. The key is setting up a reminder that triggers you to review your Estate Plan. This could be when reviewing your financial plan, having your accountant place a reminder in your file, or having your attorney send you a reminder annually or semi-annually.
Here at Dean Law, PLLC, we recommend a review every three years or when there is a life-changing event such as the following:
- The birth or adoption of a new child or grandchild
- When a child or grandchild becomes an adult
- When a child or grandchild needs educational funding
- Death or change in circumstances of the guardian named in your will for minor children
- Changes in your number of dependents, such as the addition of caring for an adult
- Change in your or your spouse’s financial or other goals
- Marriage or divorce
- Illness or disability of your spouse
- Change in your life or long-term care insurance coverage
- Purchasing a home or other large asset
- Borrowing a large amount of money or taking on liability for any other reason
- Large increases or decreases in the value of assets, such as investments
- If you or your spouse receives a large inheritance or gift
- Changes in federal or state laws covering taxes and investments
- If any family member passes away, becomes ill, or becomes disabled
- Death or change in circumstance of your executor or trustee
- Career changes, such as a new job, promotion, or if you start or close a business
Reviewing your Estate Plan at regular intervals in addition to times when you may experience significant life events will help ensure that your legacy, both financial and otherwise, is passed on in accordance with your wishes, transitioning them to the beneficiaries as smoothly as possible.
If you have question or would like to schedule a consultation with Dean Law, PLLC about creating or updating your Estate Plan, please call our office at 208.466.8700 so we can help you move forward with your plans.
