When should someone update their Estate Plan?

Estate planning is not a one-and-done event because life changes. Your estate plan may need to change as well.

Stonington Estate Planning Attorney Paul Holland says there are three key situations that should prompt the review of these critical documents.

The first is a change in your family situation. If there is a divorce or remarriage that will create blended families or an out-of-order death, there is a strong possibility your estate plan will need updating.

A change in your financial situation, good or bad, should also trigger a review of your estate plan. Such changes could have a drastic impact on your debts at death or your net worth at death.

But with proper planning, you can reduce the burden on your loved ones, and even protect some assets from creditors.

Finally, even if nothing changes significantly in your life, changes in tax law tend to occur with each new presidential administration. Any significant change in the estate tax exemption could leave your beneficiaries facing significant taxes.

Also, privacy laws that could impact a loved one’s ability to access and make decisions about your medical condition must also be monitored as should any laws regarding digital aspects of your estate.

Review your plan every time there’s a life change and make sure you do it with a qualified estate planning attorney like Paul Holland.