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When Should I Update My Estate Plan?

July 16, 2010

Life is full of changes, including your own opinions and views. To ensure your estate plan reflects those changes, it needs to be reviewed and updated on a regular basis.

Life Changes

Some changes in life that might affect a change in your estate plan include:

  • A marriage or divorce
  • Adoption of children
  • Inheritances that you receive
  • Selling or buying business or property
  • Winning the lottery
  • Retirement

Law Changes

In addition to life events, there are also changes in state laws, federal statutes and regulations and tax laws. These changes can require revisions to your documents. Fortunately, a good estate planning attorney will always know when this type of change is required.

Updating Your Estate Plan

So, how often should you update your plan?

If there’s an event in your life, a review with your estate planning attorney is probably a good idea. In addition to revisions resulting from life's changes, the clients at Anderson, Dorn & Rader, Ltd. know they can attend the annual client appreciation events. At the next event, we will be introducing a formal maintenance program. The estate planning lawyers think you'll find this to be well worth your time and expense. A regular review of your estate plan ensures that your always up-to-date.


Wealth Counsel
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