We are asked this question frequently and, of course, the answer is always “it depends.” Did you recently get married? Have a baby? Move states? Some big life changes may call for dusting off your estate plan and making some changes, while others may not (e.g. getting a new pet). With our world in upheaval right now due to the recent health crisis we have discovered that many of our clients and friends are looking for productive ways to spend some of their free time at home and perhaps tackle some of the to-do’s they have been putting off. In an effort to help everyone stay productive, we have put together a list of events and circumstances that should trigger an estate plan review:
Circumstances That May Require Changes to an Estate Plan.
- Client gets married.
- Client gets divorced.
- Client’s spouse dies or becomes incapacitated.
- Client has his or her first child. Or, maybe even at each child’s birth.
- Client moves states.
- Client buys property out of state.
- Death or incapacity of an individual named in the plan.
- Client’s net worth or asset composition drastically changes (e.g. sells a business; inherits property)
- Change in the law (e.g. estate tax exemption changes or the Secure Act takes effect).
- Client has a falling out with an individual named in the plan, or just has a change of heart.
- The plan is over 3 years old.
- Client’s child shows signs of money mismanagement or substance abuse.
- Client or client’s spouse is at risk of being incapacitated in the near-future.
Circumstances That Likely Do Not Require Changes to an Estate Plan.
- Client moves within the state.
- An individual named in the plan moves or gets a new phone number.
- Client’s phone number changes.
- Client’s child (or another beneficiary) gets a divorce (unless the spouse is named in the documents).
Although our offices look a little different right now and our meetings have converted to Zoom conferences, we are still working hard to ensure our clients have the appropriate plans in place. Clients have the time and we have the ability, by phone or video, to discuss and implement changes to their estate plans. For clients who have revisions that are not as pressing, our goal is to have their plan revised and ready to be executed once the current distancing restrictions are lifted. For clients with more urgent updates, we have solutions to immediately execute those changes. Let us know if we can schedule a phone or video conference to help your clients make the most out of their time at home!
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