4 Times To Update Your Estate Plan

Unlike the Showtime Rotisserie, Estate Plans are not "Set It & Forget It." These are 4 times when you need to consider updating your Estate Plan.


ONE - Changes To Your Family

Did you have your first child or grandchild? Did you get married or divorced?

You get the idea; anytime there are additions or subtractions from your family could mean it's time for an Estate Plan Update.

As your family changes, so should your Estate Plan. Sometimes this can happen in interesting ways.

I recently worked with a client that had disinherited a daughter in her old Estate Plan. That old plan also disinherited her daughter's children which hadn't been born yet. My client was happy to find out that we could update her Estate Plan to include her daughter's children as heirs while still disinheriting the daughter. 

TWO - Changes To Your Wealth

What may have work when you didn't have much in the way of assets might not work now. 

You've worked hard and accumulated some assets. Now it's time to make sure that your old estate plan isn't going to cause unnecessary tax consequences. 

It surprising how fast you can reach the Oregon threshold for estate taxes if you own a home.

THREE - Passage Of Time

I recommend that everyone have their Estate Plan reviewed every three years. If your plan was put together on a typewriter or printed on a dot matrix printer, it's time for a review.

Even if you haven't had changes in your family or wealth, the laws are always changing. What worked under the laws when you made your Estate Plan may not work as well under new laws.

FOUR - You Want To Make Changes To Your Estate Plan

I've seen it, my colleagues have seen it, and the court have seen it. Handwritten changes are not the way to go. Most likely any handwritten change to your Estate Plan will not be honored.

DON'T MAKE HANDWRITTEN CHANGES TO YOUR ESTATE PLAN. If you want to make changes to how your assets are distributed, or other changes,  meet with a professional and get it done right.

If you'd like to learn more or have any other Estate Planning questions, please schedule a complimentary Estate Planning Strategy Session.

About the Author Donald Rolfe

Father, husband, entrepreneur, and owner of a trivia filled brain. I help families and individuals plan for the unexpected and end of life. Schedule a Complimentary Strategy Session to chat with me, get answers to your questions, and find out about your Estate Plan options.

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