Top 10 Reasons To Review Your Estate Plan!

Estate planning isn’t meant to be a “one and done” type of project.
Estate planning reflects the totality of a person’s life, and therefore it should reflect changes that occur in our lives.

Here are the 10 biggest reasons your estate plan needs your attention:

  1. Purchase of your home. There are probate and possible tax implications that your will and trust attorney will help you consider after acquiring real estate.
  2. Have you or your spouse received an inheritance? Your will and trust attorney can show you effective tools that allow you to make your inheritance help achieve your goals, including estate tax savings. We can also coordinate your inheritance with your parent’s estate to maximize estate tax savings and maintenance of family values.
  3. You love your children, but have you named a guardian to protect them? Even if you have, revisit your decisions occasionally.
  4. Consider Medicaid planning for your beneficiaries. Including a special needs trust could keep assets from disqualifying a beneficiary from Medicaid and other government assistance programs.
  5. Are you now married or perhaps remarried? If so, you’ll need to reconsider your entire estate plan.
  6. Divorce. With nearly half of all first marriages ending in divorce, it’s crucial you recognize the challenges and have them reflected in your estate plan.
  7. Perhaps you welcomed a new grandchild this year? Any adoptions? Be sure to reflect additions to your family in your estate plan.
  8. Sometimes, we change our minds. It’s human to rethink things. If this involves your assets, it’s a great time to meet with your will and trust attorney.
  9. Incapacity. Your will and trust attorney is your advocate during periods of incapacity or diminished capacity.  A yearly appointment to review your will or trust and otherwise ‘check-in’ maximizes the relationship and ensures your will or trust is up to date.
  10. Have you had your family meeting? It is beneficial to share a general overview of your will or trust with your family in our golden years to ensure your successor fiduciaries understand your will or trust and planning for incapacity.  Your will and trust attorney is happy to walk you and your family through such meeting.

Reviewing your estate plan periodically is necessary and smart. Call us at 503-641-6262 for a consultation to ensure your estate plan reflects the future, not the past.

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