It is difficult, if not impossible, to eliminate many forms of change in our lives.  For many of us, our lives are subject to change, particularly over time.  If you look at your life 20 , 10 or maybe even 5 years ago, you may recognize sizeable changes that have occurred in your life.  Maybe you’ve changed jobs, retired, or had children move out and start their own families.  Maybe your health has changed or your financial stability has increased or decreased.  Maybe you have divorced and remarried.  All of these types of changes can have a dramatic influence on your estate plan.

I consistently meet with individuals that have existing estate plans that are sometimes decades old.  While an old estate plan may have adequately fulfilled their estate planning needs back when it was created, that existing estate plan may not meet their present day estate planning needs.  Maybe that individual has divorced and remarried.  Maybe a child has developed substance abuse issues and that child’s share of their estate now requires special attention within their trust plan.  There are countless life changes that can influence an estate plan.  It is important to review any existing estate plan and make sure it still meets your needs.  Pay special attention to how you have organized the distribution of your estate.  Will your estate be given to the individuals you would like it to go to at the right percentages?  Also review who you have listed as your trustees, executors, and fiduciaries.  Are those individuals still available and capable to handle the affairs of your estate in your absence?  It is important to revisit your estate plan with a qualified attorney if you believe your estate plan no longer meets your estate planning needs.

For additional reading:

The Tragic Consequences of Having No Estate Plan

What is a Revocable Trust

Tags: , , , , ,

No comments yet.

Leave a Reply

Name (required)

Email (will not be published) (required)

Website