A Good Rule of Thumb for Updating an Estate Plan
Authored by: Verena Meiser, Esquire—Elville and Associates
verena@elvilleassociates.com, 443-393-7696
Several years ago I heard this simple rule of thumb, which I like to share with my clients, since they like to know how frequently they should review their estate plan:
Rule of Thumb: A good time to review your estate plan and update your estate planning documents is when something happens in your life that makes you very happy (such as a birth, wedding, the purchase of a new vacation home, an inheritance, or a valuable gift) or very sad (such as a death, illness, divorce, bankruptcy or other creditor situation).
Of course, there are situations where a change in the law may require the review and update of an estate plan. As estate planning and elder law attorneys, we will make our clients and their professional advisors aware of such circumstances.
