An estate plan is not a “set-it-and-forget-it” product like the rotisserie from the classic infomercial. It is something that needs to be updated occasionally. We recommend having your attorney review your estate plan every 3-5 years unless there is some major change. The following are some major changes that should alert you that it is time to consider updating your estate plan:
- Your executor, trustee, financial power of attorney or health care power of attorney is unable to do the job or is no longer the right person for the job
- You get divorced
- You get married or remarried
- One of your children got married since you set up your estate plan
- Your children have grown up and don’t need the trust you set up for them
- Your spouse or one of your beneficiaries passes away before you do
- Your purchased a new life insurance policy or cancelled an old one
- You became a parent or grandparent
- You recently bought or sold real estate
- You recently paid off or sold a vehicle
- You decide it’s time to start planning for long-term nursing home care
- The tax laws have changed in a way that may make one estate planning avenue better than another
Updating an estate plan is not something you need to fuss and obsess over, but you should be on the lookout for any situations that fundamentally affect your estate plan as it is currently written.
If any of these situations apply to you or you just feel like its time to review your estate plan, feel free to call 740.346.2899 to set up a free telephone consultation with one of our attorneys or to request your copy of our FREE book, “Ohio Estate Planning Secrets” to help you stay informed and make the right decisions for you and your family.