A question that I am asked on a regular basis is, “How Often Should I Update my Estate Plan?”
The question is not as clear-cut as you may think. Here is some information to keep in mind:
- Life: Weddings, births, new job, divorce, family dynamics, retirement, business ownership, new assets, illness, and death. Change Happens.
- Seasons: Winter, Spring, Summer, and Fall. Change Happens.
- Technology: Remember the typewriter? Change Happens.
Periodically review and update your Estate Plan, especially when major life events occur. Additionally, laws affecting your property or estate planning documents may have also changed.
Update your beneficiary designations for accounts with: banks, credit unions, financial firms, IRAs, mutual funds, 401K plans, life insurance policies, employer benefits, and other assets. Check real estate deeds and make sure they coordinate with your life events, estate plan and wishes.
Nothing stays the same (e.g., life, seasons, technology). Your estate plan should reflect what has occurred in your life. Remember, Change Happens.
Aquanetta J. Betts is an attorney licensed in Maryland and the District of Columbia.
Connect with her on social media – Facebook, twitter, Linkedin, Pinterest, Google+ and Instagram – #LawOfficeOfAquanettaJBetts #AttorneyAquanetta. Visit www.abettslaw.com for more information.
This post is for informational purposes only and is not intended to provide legal advice.