How Often Should You Review Your Existing Estate Planning Documents?

Responsible estate planning is not a one-time proposition. As your life, finances and relationships evolve, it is very possible that your views on asset disposition, child guardianship and other issues might also change. Even if your choices remain stable, legal developments could mean that revisions are necessary to ensure that your estate plan is optimized to accomplish your goals.

Even if there has not been a substantial change in your life, it is wise to go over your estate planning documents with a qualified attorney every few years. You might realize that the person you named to serve as executor or trustee is no longer right for the role. There could also be a reason why a beneficiary of your will or trust should not receive what you originally decided to leave them.

Numerous types of specific events or situations should also prompt you to reassess your estate plan, including: 

• Marriage or divorce

• Birth or adoption of a child or grandchild 

• Death or disability of a fiduciary, beneficiary or guardian

• Relocation to a different state where probate procedures, property rules and healthcare directive requirements might differ from the jurisdiction where you prepared your documents

• Estrangement involving a family member or friend whom you originally selected to receive assets

• Concern about the integrity or competence of your designated executor, trustee or guardian

• Major financial changes, such as large inheritances, business windfalls or large shifts in the value of an investment portfolio

• Significant health changes, including conditions that might require long-term care 

• Children reaching key ages that affect distributions (18, 21, 25) or becoming financially responsible enough to serve in fiduciary roles

As you take the time to conduct a thoughtful review of your estate plan, you might just determine that a change in strategy is warranted. Legal developments could also offer opportunities that did not exist when you drafted the original documents. 

Part of the conversation should cover assets that are not passed through one’s estate, such as jointly owned properties, life insurance policies and accounts with payable-on-death designations. You can also make sure trusts are properly funded and that someone responsible has information on how to access the relevant documents promptly if something unexpected happens.   

McManaway Law, LLC in Greenville assists Upstate South Carolina clients with the development and review of wills, trusts and other estate planning instruments. Please call 864-428-8912 or contact me online to discuss your particular situation and goals.