When to review or update an existing estate plan.

Many people establish an estate plan when they buy that first home or have young children and years go by before they review their plan. Children grow into adults, first homes become second homes, and tax laws tend to change. The rule of thumb is to review your estate plan every three to five years or when there is a life event.

Some examples of the life events that trigger a need to review an existing estate plan:

• The birth or adoption of a child or grandchild

• When a child or grandchild reaches adulthood

• Marriage or divorce of you or your children

• Purchasing a home or other large asset

• Changes in federal or state taxes

• Receipt of a large inheritance or gift

• Starting, selling, or closing a business

• When a family member passes away, becomes seriously ill, or becomes disabled

• Death or change in relationship with a named guardian for minor children

• Death or change in a relationship with an executor, trustee, or beneficiary

• Large change in the value of assets, such as real estate, investments, or business

• Any other change in your financial life, long-term goals, or views as they relate to your estate plan

Working with an attorney to review your plan every few years or after a major life event helps keep you on track to preserve your legacy or ensure your wishes are implemented when necessary.

The Next Step: A complimentary consultation to review your plan.