Major Life Events Provide an Opportunity for your Estate Plan Review

Last night I spoke at the Lutheran Health Care Center in Worcester. One attendee asked, “How often should I review my current estate plan?” It is very important to review your family’s financial and estate plan at least every 3-5 years. The general rule is that the older you are, the more frequent your reviews should be.

Another way to determine when you should schedule a review is when you or your family is/will be experiencing a major life event. Some examples of major life events include:

• Marriage (yourself or your child)
• Divorce (yourself or your child)
• Birth of a child or grandchild
• Death of a spouse or child
• Change jobs with significant increase or decrease in income
• Retirement
• Purchase new/additional real estate
• You move to another state or country
• Start, close, or sell a business
• Major Illness or disability of self, spouse, or child
• Life Insurance/annuities
• Wanting to make major gifts to friends, family, and/or charity
• Major change in tax law

So, how are you supposed to keep track of “major changes in tax law?” Don’t worry. That’s where I come in. Every time there is a major change in a tax or estate planning law thay may effect your estate plan, I’ll send a letter out to you informing you of the change and suggest an estate plan review. Additionally, you’ll receive a similar letter if I haven’t sat down with you in the last five years.

As more major life events, how can I keep track of when ALL my clients have a baby, get divorced, change jobs, retire, etc. I’d love to, however, simply put, I can’t. That’s where you come in. Always remember to keep your estate planning and elder law attorney informed when major life events occur. That way I can determine if a review is necessary for your particular situation.