How Often Should I Review My Estate Plan?
The only constant in life is that it is constantly changing. Relationships begin and end, children grow up and move on, and loved ones pass away. Due to the shifting nature of our lives it only makes sense that your estate plan should be updated with some frequency to ensure that it reflects your current situation and wishes. Experienced lawyers can help you review your estate plan and determine whether any changes need to be made.
At the Colorado Estate Planning Law Center, our founding attorney, Karen L. Brady, has been helping people plan for the future for more than 21 years. Whether your estate plan is decades old or relatively new, we can guide you through each aspect to ensure that your wishes will be carried out how you see fit. Contact us online or call (303) 420-2863 to schedule an initial consultation to discuss your needs.
When Should I Consider Updating My Estate Plan?
The obvious answer to this question is whenever you experience a substantial change in your life’s circumstances, such as a divorce or a remarriage that results in a blended family. However, even if nothing in your life has changed and you still wish for your assets to go to the beneficiaries named in your initial estate plan, it can still be valuable to look over your documents.
Changes in the law can impact your estate plan. Changes to estate taxes are enacted with some regularity and your beneficiaries may find themselves facing a more significant tax penalty than you had initially contemplated. Privacy laws are another area of concern and they may make it harder for your loved ones to learn of your medical status or to make medical decisions on your behalf. In addition, a large portion of our lives now exist online and it is important to ensure that your loved ones have access to your passwords and digital accounts.
How Frequently Do I Need To Look Over My Estate Planning Documents?
There is no hard and fast rule for how often you should review your estate plan. Obviously, anytime there is a divorce, remarriage or a death in the family it is wise to review and update your estate plan as needed. Barring any substantial change in circumstances, it is generally recommended that you personally review your estate plan every three years and to meet with an attorney to go over any potential changes to your plan every six years. Even if we didn’t initially draft your estate plan, we are happy to look things over and to help you better effectuate your goals, if necessary.
Contact Colorado Attorneys To Ensure Your Plan Is Up To Date
It never hurts to have qualified legal counsel review your estate plan. There may be issues that come up that you had never considered. Contact us online or call (303) 420-2863 to schedule an appointment to discuss your situation. From our offices in Arvada, we serve people throughout the greater Denver area.