We recommend that anytime there’s a major life change, you review and possibly update your estate plan. The major life changes are birth in the family, death in the family, marriage, divorce or bankruptcy.
In the absence of one of these majorlife changes, we recommend that you sit down with an estate planning attorney every three years. Now, there are exceptions to this rule.
If you are a young parent and have young children, your life is going through a lot of dynamic changes. In that case, we recommend that you sit down once every year.
If you are elderly and perhaps looking to transition to an assisted living facility or another community, we also recommend that you sit down once a year.
So for most people, it’s every three years, and it’s also when a major life change happens. For certain groups of people, it’s every year.
Quick Question Corner is a video segment where we answer common questions about estate planning and elder law. If you have similar questions, leave them in the comment section and we can feature them in one of our videos in the future.