You did it - you finally met with your attorney, discussed all the options, made the tough decisions, ironed out all the details and executed your estate planning documents. You are set for life, right? Wrong.
While a well drafted estate plan should last you through many years, and some changes to your circumstances, there are times when you should contact your attorney to update your estate plan. Many times simple amendments can be drafted but there may be times when the whole plan needs to be changed. So, keep in touch with your attorney and let her know if any of the following situations come up:
- You get married or are considering divorce;
- Individuals named in your document as agents, trustee, executors or beneficiaries pass away;
- New people need to be added to the plan due to birth or adoption;
- The circumstances of a beneficiary change due to an accident, illness, disability, addiction, or possible divorce or bankruptcy;
- There is a substantial increase or decrease in the value of your estate;
- Your children turn 18;
- You want to change any provisions of your plan.
Even if your circumstances remain the same, you should still review your documents every three to five years, and consider making an appointment with your attorney, to make sure there have been no law or regulation changes that could impact your plan.