Timeline showing when an estate plan may need to be reviewed.

5 Types of Events that Should Have You Seeking an Estate Plan Review

by Legacy Plan Oct 13, 2017

Summary: There are many events in life that may be indicative of the need to get your estate plan reviewed and possibly updated. While many people recognize the birth children or retirement as events that highlight the need for a plan review, your plan probably needs reviewing much more frequently than that. Events ranging from divorces, deaths, catastrophic injuries, out-of-state moves and changes in the law are all things that may mean that you need a plan update to keep your plan optimized to accomplish your goals.

An attorney from Michigan wrote a column recently for the Port Huron, Mich. newspaper. In that article, the author stated that he’d read that, according to recent survey research, “the average time between estate plan updates was almost 20 years.” As the author pointed out, this result is intuitively not totally surprising. When you look at the type of life events that take place in many families’ lives, they can tend to take place in roughly 20-year intervals. A couple might create a plan once they’ve had children. They might update their plan once their children have achieved adulthood, left home and got married and/or had kids of their own. In many cases, this latter list occurs about two decades or so after a couple initially had their kids. Roughly two decades after that, most couples have retired and update their plans accordingly.

While this is a common approach, it is, for most people, not an optimal one. Many legal experts agree that a properly maintained estate plan will need updating far more often than just every 20 years. That’s because there are many things beyond just your having kids, your kids getting married, your having grandchildren or your entering retirement that may trigger a need for a plan update. Here’s a quick rundown of events that might mean that an update is in order for your plan:

This article is published by the Legacy Assurance Plan and is intended for general informational purposes only. Some information may not apply to your situation. It does not, nor is it intended, to constitute legal advice. You should consult with an attorney regarding any specific questions about probate, living probate or other estate planning matters. Legacy Assurance Plan is an estate planning services-company and is not a lawyer or law firm and is not engaged in the practice of law. For more information about this and other estate planning matters visit our website at https://legacyassuranceplan.com

This article published by:
Legacy Assurance Plan
8039 Cooper Creek Blvd
University Park, Florida 34201
844.306.5272 (Phone)
info@legacyassuranceplan.com (email)

Legacy Plan Logo

<< Prev Next >>