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When to Revisit Estate Planning

Estate planning documents are often created and then left untouched until they are needed for a life event.  Imagine this:  since you implemented your estate plan seven years ago, you got divorced and remarried, sold your house, started a business, and had a child with your new spouse.  All of these changes could have a major impact on your estate.  This is without looking at changes in tax law, the economic climate, or other external factors.  The only constant thing in life is change, and over time your situation, wishes, and opportunities in an estate plan will change.   The best practice is to update or review at least every five years.  Below is an Estate Planning Checklist for a starting point of when to revisit your estate plan:


·Changes in estate value of more than 20% in the past two years

·Economic changes such as value of assets, income level needs, or retirement

·Changes in your employment

·Changes in your children or grandchildren’s marital status 

·Birth of a child or grandchild

·Formation, purchase, or sale of a closely held business

·Receipt of a sizable inheritance, bequest, or similar disposition

·Changes in insurance coverage

·Changes in property ownership

·Involvement in a lawsuit

·Loss of a family member 

·Beneficiary review

·Health issues

·Assisted living needs


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Comment   |  7 years, 3 months ago from Denver, CO