Clients often want to know when they should review their estate plan. Unfortunately, there is no perfect answer to this question. A periodic review every 3 -5 years is generally recommended to make sure your estate plan is still meeting your needs. Additionally, when a crises occurs, an estate plan review should be promptly scheduled. If you, your spouse, any of your children or beneficiaries experience any of the following, it is usually a good idea to schedule a review.
- Financial problems
- Birth of a child
- Death of your spouse, child or beneficiary
- Diagnosis of a serious medical condition or disability
The “beneficiary” we are referring to is not only the beneficiary of your trust or last will and testament but also your life insurance policy, retirement plan, investment account, annuity contract or a co-owner on an account or real estate.