Is It Time For An Estate Plan Checkup?

Life does not stand still, and after you have crafted an initial estate plan, your circumstances are likely to change. You may acquire more assets, the executor you originally selected may pass away, or you may have a new baby. Your children will grow up, or you and your spouse may slit up. And the law may change, making some of your estate planning obsolete, or even counterproductive.

So it’s a good idea to get an estate plan checkup at least once a year with an estate planning lawyer to make sure to account for any changes. Pick a certain day, like your birthday or some other date that will jog your memory to do this annually.

Do I Need an Estate Plan Checkup?

To get you started, the American Bar Association has an easy checklist you can use that details life events that may impact your estate plan. If you answer “yes” to any of the following questions, it may be time to contact an experienced estate planning attorney.

  • Have you married or divorced?
  • Have your children married or divorced?
  • Do your children or any other beneficiaries need protection from creditors?
  • Have your relatives, other beneficiaries, or executor died, or have your relationships with any of them changed substantially?
  • Has the mental or physical condition of any of your relatives, other beneficiaries, or executor changed substantially?
  • Have you had more children or grandchildren?
  • Have your children gone to college or moved out of, or back into, your home?
  • Have you moved to another state?
  • Have you bought, sold, or mortgaged a business or real estate?
  • Have you acquired major assets (car, home, bank account)?
  • Have you inherited significant property?
  • Have your business or financial circumstances (estate size, pension, salary, ownership) changed significantly?
  • Has your state’s law (or have federal tax laws) changed in a way that might affect your tax and estate planning?
  • Have you changed your ideas about what to do with any of your assets?
  • Have you decided to do more (or less) charitable giving?
  • Have you made gifts that should be taken into account, such as reducing bequests that were to occur under your will?

When you do update your estate plan, you should also update your will and final instructions with updated addresses and phone numbers of beneficiaries, trustees, executors, and other people mentioned in the estate planning documents. This will make settling your estate much easier.

Contact Our Denver Estate Planning Lawyer Today

Estate planning is an incredibly important part of planning for your and your family’s future. But, it is just as important to make sure that any estate plans you already have are accurate and up to date. Schedule an estate plan checkup with our Denver estate planning attorney today. Call us at (303) 747-6791 or contact us online and someone from our office will reach out to you soon.

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