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When should you review your estate plan?

By June 12, 2019 No Comments

When should you review your estate plan?

Reviewing your estate plan will alert you to any changes that need to be addressed. For example, you may need to make changes to your plan to ensure it meets all of your goals, or when an executor, trustee, or guardian can no longer serve in that capacity. You’ll probably want to do a quick review each year, because changes in the economy and in the tax code often occur on a yearly basis. Every five years, do a more thorough review.

Events that should trigger a review include:

  • There has been a change in your marital status (many states have laws that revoke part or all of your will if you marry or get divorced) or that of your children or grandchildren.
  • There has been an addition to your family through birth, adoption, or marriage.
  • Your spouse or a family member has died, has become ill, or is incapacitated.
  • Your spouse, your parents, or another family member has become dependent on you.
  • There has been a substantial change in the value of your assets or in your plans for their use.
  • You have received a sizable inheritance or gift.
  • Your income level or requirements have changed.
  • You are retiring.
  • You have made (or are considering making) a change to any part of your estate plan.

Some things to review

  • Who are your family members and friends? What is your relationship with them? What are their circumstances in life? Do any have special needs?
  • Do you have a valid will? Does it reflect your current goals and objectives? Is your choice of an executor or a guardian for your minor children still appropriate?
  • In the event you become incapacitated, do you have a living will, durable power of attorney for health care, or Do Not Resuscitate order to manage medical decisions?
  • In the event you become incapacitated, do you have a living trust or durable power of attorney to manage your property?
  • What property do you own and how is it titled? Property owned jointly with right of survivorship passes automatically to the surviving owner(s) at your death.
  • Have you reviewed your beneficiary designations for your retirement plans and life insurance policies?
  • Do you plan to make any lifetime gifts to family members or friends?
  • Do you have any plans for charitable gifts or bequests?
  • If you own or co-own a business, have provisions been made to transfer your business interest? Is there a buy-sell agreement with adequate funding?
  • Do you own enough life insurance to meet your needs at death? Have those needs been evaluated?
  • Have you considered the impact of gift, estate, generation-skipping, and income taxes, both federal and state?

This is just a brief overview of some ideas for a periodic review of your estate plan. Each person’s situation is unique. Contact the Law Offices of Lisa C. Bryant, INC at (408) 286-2122 or (714) 276-2788 to set some time for a complimentary estate plan review to ensure your documents are up-to-date and your documents reflect your wishes.

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