How long will your estate plan last?
Your estate plan will likely need to be updated at some point. An estate plan represents a snapshot of your life at the time you create the plan along with your state laws then in effect. Later changes in your life or the law can affect your estate plan. Therefore, you need to periodically review your estate plan to make sure it is still appropriate. Perhaps someone you named in an important role such as your personal representative, trustee or power of attorney has become sick, moved away, or you are no longer close to that person. Perhaps one of your loved ones is getting divorced, has creditor issues or has become disabled. Numerous things can happen that require updating your estate plan.
An estate plan should be reviewed at least every five years or whenever you have had a major life or financial change such as a divorce, the birth of a child, or even a parent’s death resulting in an inheritance.
Steven Knecht helps clients with estate planning. With 36+ years of experience, he listens to you to create a Will or other estate planning document that works the way you want it to which may not occur with a document obtained through on-line resources. For more information concerning your estate and trust needs, call and ask for Steven Knecht for a personal consultation.