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01 Jul When Should you Review your Estate Plan?

Posted at 17:37h in Business, Divorce, Estate Planning, Retirement by
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It is essential that estate plans be updated whenever there has been significant change in your life, a change in the law, or a significant amount of time has passes since the plan was put in effect. If any of the following situations have occurred since the time of the completion of your estate plan or since your last plan review or update, it may be necessary to revise your documents:

  • A significant change in your financial situation
  • The receipt of a sizeable inheritance or otherwise large settlement or winnings, 
  • A significant change in your immediate family situation (divorce, marriage, birth, adoption, etc…)
  • The start-up or dissolution of a business
  • The death or disability of any of your named fiduciaries, healthcare agent, or guardians for minor children
  • The diagnosis of a grave or terminal illness
  • Relocation to another state or country
  • Change of jobs to one that has a likelihood of malpractice or errors and omissions claims
  • One or more of the beneficiaries of your estate being diagnosed with a disability such that he/she is now receiving government benefits 
  • The purchase of a home or vacation home
  • The purchase of a home or vacation home
  • The creation of preserved genetic material that is not being stored at a facility or clinic
  • The acquisition of a new pet
  • It has been five (5) years or longer since your plan has reviewed
  • You have had a change of mind in regards to your fiduciary appointments, healthcare agent, beneficiaries of your estate, or how the estate is to be distributed
  • The passage of The 2019 Secure Act impacts your estate plan and you meet the criteria for a review. You may need to amend your trust if all of the following criteria apply to you: 1) You create a revocable trust prior to January 1, 2020, 2) you have or will have an IRA account in your investment portfolio, AND 3) you have or will name your living trust as a beneficiary of your IRA accounts regardless of whether the living trust is a primary or secondary beneficiary

GQLaw is prepared to assist with estate plan creation, review, and modification. Please feel free to reach out and contact us to learn more.