The question often arises, how often should you update your estate plan? While documenting your estate plan with the help of an Arizona estate planning attorney is a great step forward, periodic reviews of your plan are still needed.  Things change over the course of time including relationships, personal health, asset holdings and federal and state laws.  Maintaining a relationship with a knowledgeable attorney can help you adapt your plan to changing circumstances.  Estate planning is an ongoing and fluid process!

Triggering Life Events Warranting a Return to Estate Planning

Life events will often trigger a need to revise your estate plan.  This includes the birth of a child, a divorce, a remarriage, an inheritance or the purchase of a house or other major asset.   The need for a review of your estate plan is especially important when the life event alters the beneficiaries to whom you would like to transfer your estate upon your death, changes the identity of the persons who will act on your behalf or causes a significant change in your net worth.

Set A Reminder

Set a calendar reminder once per year to meet with your estate planning attorney so that you can review and make any revisions necessary to your documents. Doing this can ensure that your wishes will be carried out.

 

This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice regarding How Often Should You Update Your Estate Plan?, or any other estate planning matters, please feel free to contact Stephen L. West at 480.461.5341,or Curtis M. Chipman at 480.461.5329. You can also log on to udallshumway.com,  or contact an attorney in your area. Udall Shumway PLC is located in Mesa, Arizona and is a full service law firm. We assist Individuals, families, businesses, schools and municipalities in Mesa and the Phoenix/East Valley.