I am frequently asked, “when should I review my estate plan”? My answer (in true lawyer fashion) is “it depends.” Circumstances change. A birth. A death. A divorce. Your intentions for how you want your assets distributed will evolve over time. The following is a list of the Top 12 Reasons it may be time to review and update your existing documents with your estate planning attorney:
Size and Composition of Estate Assets
1. The value of your estate has changed since the time your estate plan was prepared. This may include receiving an inheritance, obtaining a significant amount of life insurance, etc.
Health & Family
2. There may be a significant change in your health or the health of your spouse.
3. A child or other beneficiary has suffered from a life altering illness or injury.
4. A new child or grandchild has been born.
5. There has been a divorce or separation in the family.
6. You have bought a new business.
7. You have entered into a buy-sell agreement.
8. You would like to sell your existing business or transition your closely held business to the next generation.
Bequests & Fiduciaries
9. You would like to change who is serving as a fiduciary (personal representative, executor, trustee, agent, guardian) in your plan.
10. You would like to remove or add an individual or charitable beneficiary.
11. You would like to change the percentages or dollar amounts that a beneficiary receives.
12. You would like to change the beneficiaries on your retirement plans or life insurance policies.
The first step in the process of reviewing your plan it to meet with your attorney. If you do not have a current attorney, and would like to speak with someone about updating your estate plan in Oregon, please feel free to contact me at [email protected] or 541.382.3011.