Sunday, September 29, 2019
The main reason that many people do not update their estate plan or will is because they believe that "nothing has changed" in their lives. The passing of time may seem monotonous, but it is still unlikely that an event has not occurred that alters some aspect of your life, no matter how small. Even if you still do not believe that anything has overtly changed in your realm, the tax laws may have still changed. If you have not looked at your estate plan since the 2017 Tax Cuts and Job Act overhaul, you may be shocked to see that "everything" may have changed.
Here are a few other things that may trigger a change in your estate plan, even if you did not think so on the face:
- Marriage, either yours or an heir/beneficiary
- Death of an heir/beneficiary or other person named in documents
- Birth/adoption of a new child or grandchild
- Move to a new state
- Significant change in economic situation
- Change in jobs (make bring changes in beneficiary designations)
- Change in wishes
- Health issues that are new, worsening or even getting better
- Change in relationship with anyone named in documents
- New lawsuit or resolution of a lawsuit
- Change in life insurance policies
- Change in state laws that could effect any aspect of your estate plan
See Martin Shenkman, Old Estate Plans May be Harmful to Your Health, Forbes, September 27, 2019.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.