I tell my clients that there are three reasons why you may need to revise or update your estate plan:  You  change, the laws change, or your lawyer has learned a better way .  So, how do you know when it’s time to give your estate plan a check-up?  Well, instead of having mileage checkpoints, your estate plan has event checkpoints.  Generally, any change in your personal, family, financial or health situation, or a change in the law (HIPAA is a good example, or the recent tax law revisions), could prompt a change in your estate plan.  Use the following list to guide you.

It’s a good idea to review your estate plan every year.  Set aside a specific time every year (your birthday, anniversary, family gathering) to review it.  Rather than review the actual documents, your estate plan should have a summary and flowcharts to make a quick review easier.  Keep these events in mind each time you review your plan.  If you think a change might be in order, don’t write on the actual documents, but make comments on sticky notes and then contact your estate planning attorney.  Most changes can be handled by a simple amendment to a trust or a codicil to a will.  More complex changes might require restating your trust or drafting a new will.  Either way, you will have peace of mind that your plan is up-to-date, will work the way it was intended and will not let your family down when it is needed most.