Why are estate planning reviews important? There are many reasons according to Beck, Lenox & Stolzer Estate Planning and Elder Law, LLC, LLC, including the fact that your estate plan may have been created when you were single, and there have been some significant changes in your life. Perhaps you got married or divorced. Now, you may have children.
You also may now be on better terms with adult children with whom you were once estranged.
Tax and estate laws can also change over time, requiring further updates to your planning documents. Rising or falling estate tax exemptions from one year to another may alter your strategies in how to protect your estate for your beneficiaries.
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.
Beck, Lenox & Stolzer hopes the above scenarios answers your question, “Why are estate planning reviews important?” Many attorneys offer free estate plan reviews. Take advantage of that to make sure your estate plan continues to appropriately address your desires and wishes for your family upon your passing.
Reference: WMUR (Feb. 3, 2022) “The ‘final’ estate-planning step”