Why Is Estate Planning Review Important?

McNair Dallas Law

Update Estate Planning After a Move

Your estate planning is done, but is it? A periodic review is an important ongoing step to your planning.

Why is estate planning review important?  Because one constant in life is change.   The plan that was right for you 10 years ago, 5 years ago, or even 5 months ago, may no longer be right if you’ve experienced a major life change.

WMUR’s recent article entitled “The ‘final’ estate-planning step”  provides some key indicators that a review is in order.

  • The value of your estate has changed dramatically
  • You or your spouse changed jobs
  • Changes to your income level or income needs
  • You are retiring and no longer working
  • There is a divorce or marriage in your family
  • There is a new child or grandchild
  • There is a death in the family
  • You (or a close family member) have become ill or incapacitated
  • Your parents have become dependent on you
  • You have formed, purchased, or sold a business;
  • You make significant financial transactions, such as substantial gifts, borrowing or lending money, or purchasing, leasing, or selling assets or investments
  • You have moved
  • You have purchased a vacation home or other property in another state
  • A designated trustee, executor, or guardian dies or changes his or her mind about serving; and
  • You are making changes in your insurance coverage.

Contact the Estate Planning attorney who created your plan, or contact an experienced Estate Planning attorney in your area who can review your current situation and devise a plan to meet those needs.  Contact our office today.

Reference: WMUR (Feb. 3, 2022) “The ‘final’ estate-planning step”

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