Is It Time to Review Your Estate Plan?

Estate planning is a lifetime process. Changes in the law, your finances or family circumstances mean that it’s time for a review.

Whenever you have a significant change in your life circumstances, you should come back in and review your estate plan. Remember, estate planning is not a once-and-done transaction, but a lifetime process. However, what are some of the “significant” changes that could impact your plan and require a review and/or update? 

While it is impossible to list all possible significant changes, Forbes recently listed some common ones in "6 Reasons To Revise Your Estate Plan As Soon As Possible," including:

• If you get divorced, you should change your estate plan to exclude your ex-spouse.
• If you get re-married, changes need to be made to include your new spouse in your estate plan, especially if you have children from a prior relationship that need to be provided for.
• If you have another child, it is important to change your plan to make sure that the new child is included.
• If you have a serious illness or injury, then your estate plan should be reviewed to make sure you can meet your needs.
• If the tax laws change, consider reviewing your estate plan to determine how the changes could affect your planning.
• If you receive a large inheritance, then you will want to change your estate plan to reflect your new financial circumstances.

Call (443) 470-3599 today and schedule a consultation with Maryland Attorney Britt L. Stouffer to learn more about Estate or Elder Law and how she can help you.

Reference: Forbes (January 2, 2017) "6 Reasons To Revise Your Estate Plan As Soon As Possible"