How Often Should I Update My Estate Plan?

March 27, 2020

There are certain life occurrences that take place which merit a prompt review of your estate planning documents and often require some updates as a result. These include:

Birth – When a new family member is born this may impact any specific bequests and guardianship provisions.

Death – When someone passes away this may also impact specific bequests or require you to modify appointed agents and/or successors.

Marriage – When you get divorced or remarried, it is highly likely that all of your estate planning documents and beneficiary designations will need to be reviewed and updated.

Business Issues – When you start a new business, enter a Buy-Sell Agreement, alter the legal form of your business, change business partner(s), or experience a significant change in your business’ value, you should review your estate plan.

Disability - If a beneficiary of yours becomes disabled, you may be jeopardizing their public assistance benefits by giving them an outright distribution from your estate. With proper planning, a disabled beneficiary may receive an inheritance and still qualify for public assistance benefits.

Some other instances that may precipitate the need to review your estate plan include moving to a new state, tax law changes, or coming into a windfall or large sum of money that alters your planning goals.

At Stouffer Legal in the Greater Baltimore area we carefully review your documents, discuss your goals and provide comprehensive advice. Contact us today at 443-470-3599.

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