People indulge in spring cleaning to give their homes, offices, vehicles, and other frequently used spaces a good going-over and freshening. Spring is a great time to review and freshen your estate plan as well as your environment.
How would that work? Spring cleaning for your estate plan means reviewing your finances and goals to see what has changed. Then, you collaborate with your lawyer to adjust your comprehensive estate plan so that it reflects how your life has evolved since the last revisions to your plan.
Why Are Regular Reviews of Your Estate Plan Essential?
Many people like to view their estate plan as a one-and-done deal. However, a complete estate plan should be monitored and reviewed periodically to ensure it always aligns with your goals and factors in changes to your assets, estate, and relationships.
As individuals age, their priorities change, their goals evolve, and their financial status goes through ups and downs. Your estate plan must continue to reflect what is important to you. A college student has different needs than a couple just married. That couple is also going to have new priorities when they have children. Life moves quickly, and an estate plan should continually get reviewed and updated when goals, plans, and family dynamics change.
When Should You Review Your Estate Plan?
The best rule of thumb is to review your estate plan when a significant milestone occurs. Just had a baby? It is time to review your estate plan. What if you take a new job and your financial position changes? It is time to review your estate plan. Any significant life change should be accompanied by a thorough review of your estate plan to ensure your assets are protected and that your plan still addresses your wishes. Some of the crucial events that should have you reconsidering your estate plan needs include:
- Going away to college
- Getting married
- Having children
- Adoptions
- Getting a divorce
- Purchasing a home
- Children becoming adults or preparing for college
- Diagnosis of a significant medical condition or illness
- Significant job change
- Changes in financial position
- Aqcuiring a disabled dependent
- Preparing for retirement
- Preparing for long-term or nursing home care
You should also review your estate plan when you experience relationship changes or shifts in family dynamics that may impact beneficiary designations.
It is also wise to periodically review your estate plan, even when no significant milestones or changes are on the horizon. The shifting economy, tax laws, and other personal and economic factors can impact your estate plan and how you want to allocate your assets. Spring is the perfect time to plan for an estate plan review. The hecticness of the holidays is over, and you can focus on a fresh start to the year and your plans for what you want to accomplish.
Set a date on the calendar and make an appointment with a skilled estate planning attorney to talk about the year behind you and your plans for the year ahead. Your estate planning attorney can review your current estate plan and your new needs, then outline the estate planning tools that may benefit you and your situation in the coming years.
An Estate Planning Attorney Can Help You Prepare
Whether you want to create a will, add assets to a trust, or assign powers of attorney, the legal team at Palmer & Slay, PLLC, is here to help you find the estate planning resources that meet your needs and protect your hard-earned assets. The lawyers and staff at our firm dedicate themselves to being there for you at every stage of your life. Contact our firm today to set up a confidential case review.