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When to Update an Existing Estate Plan

On Behalf of | Jun 20, 2014 | estate planning

Completing an estate plan generally provides individuals with a sense of relief and accomplishment knowing that their wishes and desires with respect to medical and financial decision making, as well as asset distribution are represented in black and white. However, most people take a set it and forget it approach meaning that once their planning is completed, they are under the misconception that it should not be reviewed or addressed at a later date. In a perfect world, estate plans should be reviewed and updated (if necessary) on a regular basis. The following life events or changes in circumstances may require an update of your estate plan:

· Change in marital status, including marriage, divorce, separation, or death
· Addition (or loss) of a family member
· Change in income or wealth
· Move to a different state
· Changes in tax or probate laws
· Decision to replace named fiduciaries or decision makers with another individual or family member While this is not an exhaustive list, it certainly provides a great starting point to determine whether an existing estate plan requires a review and update. Should you have any questions or concerns or would like a complimentary review of an existing estate plan, please visit my website (, e-mail me ([email protected]), or call my office (508-797-3010)..