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Many individuals and families understand the importance of having estate planning in place. However, just because you have your estate planning in place does not mean that you are done.

When to Update or Review Your Estate Plan

Published October 10, 2024

By Joel Krooks, Esq.

Many individuals and families understand the importance of having estate planning in place. However, just because you have your estate planning in place does not mean that you are done. Things change and it is important for you to review your estate planning documents to make sure that your goals and wishes are being met. So, when should your estate planning be reviewed?

Death of someone in your estate planning documents

If someone in your estate plan dies, it is important to have an estate planning attorney review your documents and explain how this unfortunate death impacts your plan. Does that individual’s children now receive the decedent’s share? Who is the backup executor or trustee now that this person is deceased? These are just a few of the questions that need to be asked when an individual in your estate plan dies. It may make sense to update your estate planning documents to remove the decedent all together.

A person in your estate planning documents is no longer in your life

Sadly, you may lose touch or get in a fight with an individual in your estate planning documents. For example, you may have appointed an individual as your agent under a power of attorney, but now no longer speak to them. If this is the case, it is imperative to update your estate plan to remove that individual from the estate planning document. In addition, if you lose touch with an individual that you planned on leaving an inheritance, you may want to remove that individual from your estate plan.

Divorce

Unfortunately, you just got divorced or one of your children just got divorced. Maybe you had named an in-law as a fiduciary in your estate planning documents and now they are no longer part of the family. Divorces happen, and it is important for you to review your estate planning documents with an attorney when a divorce happens that affects you.

A child/grandchild is born

Congratulations, you just became a parent/grandparent! Do you want to include the child/grandchild in your estate plan? This is a great time to review your estate planning documents and see if any updates are needed.

The law changes

A law may change that impacts your estate planning. For example, the current federal estate tax law is set to sunset at the end of 2025 and it is possible that the federal estate tax exemption will decrease. Does this affect your estate plan? You should review with your attorney to find out, how a decreased federal estate tax exemption may affect your estate plan.

Every three to five years

At Littman Krooks, we recommend reviewing your estate plan at a minimum every three to five years. Circumstances change, laws change, family members get married/divorced, people die and children/grandchildren are born. It’s important to review your estate plan every three to five years to make sure that your goals are met by your estate planning documents.

There are many reasons to update or review your estate planning documents. Above I have named a few. If you have any changes or you just want to review your documents, you can contact Littman Krooks LLP to discuss.

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