Q: How often do I need to review my estate plan?
A: Once every three years is a general rule of thumb. At the very least, confirm that your fiduciary appointments (executors, trustees and agents designated in your medical and financial powers of attorney) still make sense. A simple codicil for a will or an amendment for a trust can take care of any updates. However, there are instances where you need to review your estate plan more often. For example, if you have moved to another state, different state laws dictate the steps necessary for executing a valid will. Each state may have a different set of standards you’ll want to adhere too.
If your total assets have increased substantially, you will want to review your plan with your Attorney to make sure it still makes the most sense. Doing this in conjunction with your Financial Advisor can prove helpful as they may understand your situation more in depth and can provide recommendations and helpful insights. Another sign that it is time to review your estate plan is if your family situation has changed (i.e. marital status, children, etc.). Estate plans are very specific to your unique situation and you should have a tailored plan that reflects your goals, wishes and desires.
Email me your questions at [email protected] or call us 541-574-6464.
Julia Carlson is a registered Principal with, and securities are offered through, LPL Financial. Member FINRA/SIPC.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Financial Freedom Wealth Management Group, LLC and LPL Financial do not provide legal advice or services. Please consult your legal advisor regarding your specific situation.