If you have created an estate plan, you are ahead of the curve. However, regular review of your plan is necessary. Most professionals recommend that you have your estate plan reviewed at least once every 3 to 5 years, or immediately after a change in circumstances or major life event.
When should you have your estate plan reviewed?
The most common reasons why a person should have their estate plan reviewed and updated by an expert estate planning attorney include:
- Changes in tax law
- Moving to a new state
- Marriage or divorce
- Birth of a child or other addition to the family
- Death in the family
- New or changing assets
- New or changing liabilities
- Changes in your family-owned business
- Designated trustees, agents, or representatives are no longer appropriate
- Changes in your wishes
- 3 to 5 years have passed since your estate plan was last reviewed
This might be a good time to review estate plan to see if it still accomplishes your goals. If you live in Minnesota and would like to have an experienced estate planning attorney review your plan, please contact your attorney at Melchert Hubert Sjodin.