I have found that many of my estate planning clients breathe a sigh of relief after finally putting pen to paper and signing their will, trust, power of attorney, living will, or other estate planning document. They will often say something like “Wow, I’m glad that’s finally done!” I usually take the opportunity to explain that, while they may be “done” for now, a properly functioning estate plan requires vigilance throughout a lifetime.
If you listened to my WCCS radio show, “Marshall Law” last week, you will know that I recommend periodic meetings with an attorney to discuss and review your estate plan. Unfortunately, many people do not update their estate plan often enough (if ever). Failing to update your estate plan can have dire and surprising consequences. I have had to explain to more than one shocked beneficiary (or would-be beneficiary) that their mom, dad, a favorite aunt or uncle, or even their significant other, hadn’t updated their will or trust to reflect certain life changes.
Here are 7 life events that should trigger a review of your estate plan. In addition, you should have the plan reviewed by your attorney every three years.
These seven examples are the most common reasons you should review your estate plan. If you would like to schedule a consultation, Contact the Chriswell Law Offices at 724-465-5826. And remember — at my office, estate planning consultations are always FREE.