Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Saturday, July 5, 2014

The Importance of Updating Your Estate Plan

Estate-plan

It is quite common for many people to execute their estate plan, file it away, and completely forget about its existence.  The danger is that these individuals may believe that these matters require no further attention.  “An estate plan is not a time capsule to be opened and dissected at some distant point in the future.  While most ultra-wealthy individuals have a valid estate plan in place, the fact is not necessarily reassuring.  Many have not taken adequate steps to review and update these plans since the moment they were signed.  Meanwhile, major life events such as marriage, the birth of a child or the launch of a business may have occurred.  Advisors should consider scheduling check-ups with clients to ensure that plans reflect clear intent.”

In some cases, outdated or inadequate estate plans have led to highly-publicized disputes between heirs that have quelled fortunes.   These situations can be avoided with the help of advisors and lawyers. 

Here are some of the best times to make changes to your estate plan:

  • When there is a meaningful change in your life.
  • Every few years to ensure you are taking advantage of changing laws.

See Russ Alan Price, Why You Should Update Your Estate Plan, Forbes, July 3, 2014. 

http://lawprofessors.typepad.com/trusts_estates_prof/2014/07/the-importance-of-updating-your-estate-plan.html

Elder Law, Estate Planning - Generally, Trusts, Wills | Permalink

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