Estate Plan Review Triggers

Planning Tip: Like your car, your estate plan needs regular “servicing.” Set aside a specific time every year (your birthday, anniversary, family gathering) to review it. Become familiar with it. Keep it current so it will perform the way you want when you need it.

The following situations should trigger the need to seek immediate legal help to review or revise the family’s current estate and tax plan:

  • Serious or life threatening illness
  • Illness or death of a spouse
  • Contemplation of marriage, or remarriage
  • Birth, death or illness of parent, sibling, child or grandchild
  • Disability of parent, sibling, child, grandchild, or a dependant or handicapped dependant that may require special considerations or a special needs trust
  • Marriage or divorce of a child or grandchild
  • Your chosen Health Care Agents can no longer serve
  • Business has grown (or declined) significantly in the last few years
  • Personal net worth has grown (or declined) significantly in last few years.
  • Your successor trustee, guardian or administrator moves, becomes ill or changes mind
  • Retirement
  • Move to a new State
  • Buy Property in another state
  • Estate Tax Law Changes
  • You change your mind

This list is not meant to be all inclusive and are only some of the situations that may require revisions to an estate plan.

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