When To Review Your Estate Plan

A commonly asked question by clients is “when should I schedule a comprehensive review of my estate plan?” First and foremost, if you are asking this question, you are ahead of the game. A recent survey showed nearly 65 percent of Americans lack even the most basic estate planning documents such as a Last Will and Testament.

In regards to when you should review your estate plan, the answer depends on your particular situation. If you have a sudden life-changing event (e.g., marriage, divorce, death in the family, etc.) you should take action right away. In addition, at the very minimum, you should update your estate plan at a minimum every five years, and actually sit down with your St. Charles estate planning lawyer at least once per year. When you review your estate planning documents, take the time to evaluate these issues:

Major Changes in Your Assets

estate planning lawyer in MissouriDid you sell a business? Did you purchase a piece of property? These types of asset changes requiring a review and update of your estate plan to ensure it is tax efficient and any new assets are appropriately accounted for. 

Your Named Helpers

It is important to take stock of the individuals you selected as a trustee, personal representative, power of attorney, and the people who are to receive your assets when you pass on (your beneficiaries).  Are these people still living? Has anything changed that would make the terms of your estate plan outdated? 

Your Designated Guardians

If you have a minor child, or children, it is important to confirm whether the guardians you have selected are still living and if they are committed to accepting this important responsibility.

Contact The Polaris Law Group

As you can see, maintaining your estate plan is important to ensure you and your loved ones are better protected if you are suddenly incapacitated or pass on. Polaris Law Group is here to answer any questions that you may have, and create an estate plan that works. Polaris Law Group is comprised of experienced and skilled St. Charles trust and estate attorneys Scott Stork and Raymond Chandler.  Schedule a meeting with Scott or Raymond today by phone or by filling out a quick contact form on our web site.

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