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How often do you need to update your estate plan? As often as your Resume?

Posted on: July 15th, 2016
A resume is a 'snapshot' of your experience, skill set, and education which provides prospective employers insight into who you are and how you will perform. Imagine not updating that resume for 5, 10, or even 15 years. Would it accurately reflect who you are? Would it do what you want it to do? Likely not. Estate plans are similar in that they need to be updated on a regular basis to reflect changes in your life - and to do what you want them to do.

Outdated estate plans - like outdated resumes - don't work.

Take a Moment to Reflect

Think back for a moment - think of all the changes in your life. What's changed since you signed your estate planning documents? If something has changed that affects you, your trusted helpers, or your beneficiaries, your estate plan needs to reflect that change.

Here are examples of changes that are significant enough to warrant an estate plan review and, likely, updates:

Birth
Adoption
Marriage
Divorce or separation
Death
Addictions
Incapacity/disability
Health challenges
Financial status changes - good or bad
Tax law changes
Move to a new state
Family circumstances changes - good or bad
Business circumstances changes - good or bad

Procrastination

Call our office now to get your estate planning review on the calendar. If you're like most folks, if it's on the calendar, you'll make it happen. Just as you update your resume on a regular basis and just like you meet with the doctor, dentist, CPA, or financial advisor on a regular basis, you need to meet with us as well. We'll make sure your estate plan reflects your current needs and those of the people you love. Updating is the best way to make sure your estate plan will actually do what you want it to do.
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