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When to Review Your Estate Plan

By Gregory Herman-Giddens

The following is a list of some of the events that should trigger a review of your estate plan:

(1)        Marriage, divorce, death of spouse.

(2)        Birth of a child.

(3)        Children become financially independent.

(4)        Birth of a grandchild.

(5)        New business venture.

(6)        Substantial growth in your business.

(7)        Job promotion.

(8)        Retirement.

(9)        Purchase of life insurance.

(10)      Move to a different state.

(11)      Substantial increase or decrease in wealth.

(12)      Decision to make large charitable gifts.

(13)      Increase in risk of being subject to a lawsuit.

(14)      Substantial amounts of property are in joint names.

(15)      Purchase of real property (including a time share) in another state.

(16)      Changes in tax or other relevant laws.

Even in the absence of any of these events, an estate plan should be reviewed every three to five years to ensure that the documents are in keeping with current laws.

Full post as published by North Carolina Estate Planning Blog on September 29, 2009 (boomark / email).