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15 Signs to Review Your Estate Plan

Is your estate plan collecting dust on a shelf? If you haven't taken a look at these documents in a while, you should absolutely continue reading. A periodic review is an important ongoing step to your planning. Maybe your estate plan was created when you were single, and there have been some significant changes in your life. Perhaps you got married or divorced. Even changing tax and estate laws can require further updates to your planning documents. This is why your estate planning documents must evolve to keep up with the changes in your life. 

WMUR’s recent article entitled “The 'final' estate-planning step” reminds us that change is a constant thing. With that in mind, here are 15 signs that a review is in order.

  1. The value of your estate has changed dramatically
  2. You or your spouse changed jobs
  3. Changes to your income level or income needs
  4. You are retiring and no longer working
  5. There is a divorce or marriage in your family
  6. There is a new child or grandchild
  7. There is a death in the family
  8. You (or a close family member) have become ill or incapacitated
  9. Your parents have become dependent on you
  10. You have formed, purchased, or sold a business;
  11. You make significant financial transactions, such as substantial gifts, borrowing or lending money, or purchasing, leasing, or selling assets or investments
  12. You have moved
  13. You have purchased a vacation home or other property in another state
  14. A designated trustee, executor, or guardian dies or changes his or her mind about serving; and
  15. You are making changes in your insurance coverage.

If you have made your estate plan but can answer yes to any of these, you may want to review your estate planning documents. To create, review, or modify your estate plan, book an appointment with Vick Law, P.C. today. 

Reference: WMUR (Feb. 3, 2022) “The 'final' estate-planning step”

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