One of the most frequent questions I get when finishing an estate plan is: “When should I look at this again?”
Four primary triggers should cause someone to review an estate plan. They are:
A substantial life event such as the birth of a child, marriage, or divorce.
This could also include changing the status of a guardian, executor, or other person appointed to the plan.
A material change to your net worth.
If your finances change significantly, for better or worse, your plan should be revisited to ensure it is still optimal.
A change in applicable law.
A change in applicable law can involve multiple reasons. Examples are situations where someone moves from one state to another, purchases land or buildings in a state outside his or her state of residence (the laws of the state where the real estate is located will control that real estate), or there is a change to relevant state or federal law. This will become particularly relevant if the current federal estate tax law expires, as scheduled, on December 31, 2025.
I encourage my clients to check in every two years for an estate plan “checkup.” In most circumstances, no revisions are necessary, but this provides the opportunity to update all the information provided in creating the plan and ensure that no changes are necessary to carry out my clients’ wishes.
If any of these circumstances apply to you, Bayer Law is ready to help.