When Should I have my Estate Plan Reviewed?

How Often Should I have my Estate Plan Reviewed?

You should have your estate plan reviewed every two to five years and after major life events. Your estate plan is like a car. An estate plan will not keep running without regular maintenance because laws change, people and relationships change, and assets are sold and acquired after an estate is planned.  

Our firm reviews existing estate plans. We will review your existing estate plan and provide counseling in light of your concerns and goals. We believe the attorney that drafted your estate is the best person to review your estate plan, but we understand that is not always possible.

We suggest a review of an estate plan:

• every two to five years;
• if the estate plan was drafted prior to 2012;
• prior to a divorce and post-divorce;
• after an addition to your family through birth, adoption, or marriage;
• if a spouse or a family member has died, become ill, or is incapacitated;
• if your spouse, parent(s), or other family member has become dependent on you;
• if you anticipate a substantial change in the value of an asset;
• if you would like to change a beneficiary, successor trustee, or agent;
• if you would like to change how your property is distributed;
• if you have received a substantial inheritance or you believe you will inherit a substantial amount of money or property;
• if your child has become disabled or has a handicap and will need lifelong support; or
• you are retiring.

If you have questions or you would like an estate plan review, contact us at tim@santabarbaraestateplanner.com or (805) 669-7009.  

For more information about our firm visit our website at https://santabarbaraestateplanner.com/