Desert Estate Planning Law Blog
When Should You Update Your Estate Plan?
One of the most frequently asked questions I get is this one:
"I had my estate plan done many years ago, so when and how often should I update it?" This is a great question!
I say great question because like you, your trust documents should change as you grow, and as your life circumstances change. You should think of your trust documents as living documents that should reflect you and your life as you age. You may have more children, grand-children, get divorced, re-married, buy more real estate, start a business or win the lottery (one of my clients won, so it happens)!
As you age, your wishes as to who you want to receive your house, your beloved art collection, etc., might change as well.
The following are guidelines as to whether your estate plan needs updating:
- Did you or any of your beneficiaries get married, divorced, have more children, etc.? In other words, did your life circumstances change?
- Did you recently retire? Or did you have any health disability or issues?
- Did you move from one state to another, or acquire real estate in a new state where you plan to live part-time?
- Did your assets or income change? For example, did you acquire or sell new real property, become beneficiary of a large inheritance, etc.?
- Did you start a new business? And are others involved?
In any case, a good rule of thumb is to touch base with your estate planning attorney every few years to see if a little updating of your trust is in order.