Elder Law, Estate Planning Blog

When do you need to update your Estate Plan?

Many clients of mine think that once they completed their estate plan and made sure that it was funded correctly, they could set it aside and forget it. This cannot be further from the truth. An estate plan should be revisited annually or at least ever few years. It is like a ship leaving port in New York with an end destination of London; a small change of course can substantially impact the destination.

1. The clear changes of circumstances include:
2. Marriage; children (grandchildren)
3. Divorce
4. Death of loved ones
5. An increase or decrease in assets
6. Change in distributions
7. Often overlooked:
8. Change of account title
9. Relocation
10. A guardian, executor or trustee is no longer able to serve
11. Change in beneficiaries
12. Change in Federal or state estate or tax laws;

e.g. The recent change in estate tax laws substantially altered prior planning options and strategies.

A significant number of law firms offer maintenance programs to protect against common mistakes that could cause a substantial adverse consequence. It is in my experience that over 70% of estate plans that I review, have potential latent defects and that the estate plan explained to me does not correspond to the plan itself.

About Evan W. Turk Esq.

My name is Evan W. Turk Esq. and I am a Managing Member here at Principle Counsel, PL. Our Elder Law practice is based out of Delray Beach, Florida. Our firm specializes in Asset Protection, Veterans Benefits, Medicaid Benefits, and Elder Law Care among other things.