One of the most frequent questions we get asked is “how often do I need to update my estate plan”?

Though we typically advise clients to review their estate plans every 3 to 5 years, there are some common things that happen that could trigger the need to update your plan. Though this list is not exhaustive, it represents the most common triggers:

1. Have you added or deleted assets from your estate (bank accounts, investment accounts, life insurance, annuities, retirement accounts, etc.)?

2. Have there been any additions to your family such as a child or grandchild that may be a new beneficiary?

3. Has your estate has gone over or is it getting close to going over the estate tax exemption limit?

4. Has there been a marriage or divorce in your family?

5. Has there been a death or incapacity of a Trustee named in your trust or agent named in your Power of Attorney or Advance Health Care Directive?

6. Have you purchased a new home or other real estate?

7. Have you refinanced your home since establishing your trust?

8. Do you now have over $500,000 in combined retirement accounts (IRAs, 401Ks, etc)?

9. Has it been more than 5 years since you last met with your attorney and updated your plan?

10. Do you have any children who are now over 18 years old since you last updated your plan?

If you answered yes to one or more of these questions, it may be time for an update. To discuss this further with our team, give us a call at (760) 448-2220.
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