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Many of our newsletter topics are geared towards first-time estate planners. However, even if you have an estate plan in place, you should review it every few years with an attorney to make sure it is up-to-date. In addition to these periodic “tune-ups”, there are certain situations that arise that require updates to your estate plan. Among the more common developments affecting an estate plan are:

  1. Whether your personal situation, or the personal situation of any of the individuals you have identified to play a role in your estate plan – such as executor, trustee or guardian – has changed in the time since your estate plan was created;
  2. Whether your financial picture has changed in the time since your estate plan was created (such as the purchase of additional substantial life insurance, the purchase of a new home or additional real estate, the launch or unwinding of your business); and
  3. Whether the law has changed in ways that impact the assumptions that were made when you first created your estate plan. The scheduled change to the $5 million estate tax exemption at the end of 2012 is an example of this type of change.

Whether or not we created your original estate plan, we will be happy to review it for you to make sure it is in sync with your goals, your situation, and current laws.

Estate Plan Tuneup Time