When to Update Your Estate Plan

Some folks believe that an estate plan is a “get it and forget it” proposition.  The truth is that your estate plan must be updated to address changes in your life, the lives of your loved ones, and the law itself.
At the very least, your plan should be reviewed every three to five years to ensure it will continue to meet your changing needs and goals.  However, there are certain situations in which your plan should be updated as soon as possible.  Let’s look at some examples.
Changes in your health and the level of care you require: Your estate plan can be updated to help you find ways to pay for various levels of care.  Common scenarios include:

  • You need assistance at home, such as a home health aide
  • You (or your spouse) must move to an assisted living residence or a nursing home
  • One of your adult children is spending a lot of time helping you and you’d like to pay them
  • You are moving into the home of an adult child and you want to compensate them for their time and care

Conversely, if one of your parents requires additional care and is moving in with you, it may be possible for you to receive financial assistance to help cover the cost of their care.

Other common situations that may require an immediate update to your plan include:

  • Your finances have changed significantly
  • Your spouse has passed away
  • You have gotten divorced or remarried
  • A beneficiary has gotten remarried and you don’t trust their new spouse, or you’re worried about your grandchildren’s inheritance
  • A beneficiary has become disabled
  • You have received a VA service-connected disability rating of 70% or more since your estate plan was created

If any of these changes have taken place in your life, please schedule a time for us to review your plan.  Together, we can ensure your plan will continue to meet your needs and achieve your goals.
Until next time, take care….

If I have created a plan for you and you are happy with it, the best compliment you can give me is to recommend my firm to family and friends.  As you know, everyone should have an estate plan.