review of an estate plan

Your estate plan outlines what will happen to your assets when you pass away. While it can stay the same for years, it’s normal for life events and changes to impact your original estate plan significantly. The best way to stay on top of those changes is to review your estate plan on a regular basis. However, if you don’t want to schedule a bi-annual or annual review, there are a few key scenarios that should encourage you to schedule a review. These are a few of the situations that can impact your plan, and should encourage you to reach out to your attorney to schedule an estate plan review as soon as possible.

You Received a Large Inheritance

Inheritances can impact the total value of your assets, and that change can impact the way you manage your estate. If you or your spouse have recently received a significant inheritance, you’ll want to review your estate plan. This is true whether you inherited property or other physical assets or received a cash inheritance. 

You’ve Recently Had Children or Grandchildren

Your estate plan outlines who receives the inheritance and what they receive from your estate if you pass away. If you’ve had children or grandchildren, it’s likely that the allocation of your estate will need to change. By reviewing your estate plan, you’ll be able to change who inherits what and update how much each of your beneficiaries receives.

You Want to Change Executors

Your executor is the person in charge of overseeing the distribution of your assets when you pass away. While the person you appointed originally may have seemed ideal at the time, it’s normal for that to change. If you want to change your executor, it’s time to review your estate plan. You can use this as your opportunity to make sure your plan truly reflects your needs. 

You Need to Update Your Beneficiaries

Life changes quickly, and when it does, you may need to change the beneficiaries of your estate. For example, if you recently got divorced, suffered the loss of a loved one, or are no longer supporting a charitable organization you previously appointed as a beneficiary in your will, it’s time to review and update your estate plan. During your review, you’ll be able to change the beneficiaries appointed and add or remove beneficiaries as you see fit.

You Recently Started a Business

Starting a business is a great way to diversify your income and give you a better sense of control over your financial future, but it can impact your estate plan. The profits you earn and the business itself will need to be factored into your plan to fully protect your company’s future and your loved ones’ best interests. As soon as you open your doors, make an appointment with your attorney to review your estate plan. During the review, you’ll be able to establish a plan for your business’s future should you pass away.

Review Your Estate Plan Regularly

Reviewing your estate plan anytime you experience a significant change in your life will ensure that your plan adequately reflects your interests and your wishes. If you’ve experienced any of the above scenarios or just want to make sure your plan is as up-to-date as possible, don’t wait. Contact Norris & Weber to schedule your estate plan review today.