When Is It Time To Review Your Estate Plan?

Do you have an estate plan? If so, that is good news. But here is another question: when did you create your estate plan? If it has been a few years (or longer), it may be time to review your plan to ensure that every detail is still relevant to your situation.

Things can and will change over time. Maybe you got married. Maybe you got divorced. Maybe you had a child. Maybe you moved to a new state. These are the types of things that can change your estate plan.

Here are some questions to answer:

• Do you have a will?
• Did you go through a major life change, such as getting married or divorced?
• Do you have minor children?
• Has the value of your assets significantly changed since creating your estate plan?
• Are you interested in creating a trust?
• Have you moved to a new state?
• Have you or your spouse become incapacitated at any point since creating your estate plan?

These questions may not sound important, but once you dig deeper you will realize why you are answering them.

For example, if you have moved from one state to another, it is important to become familiar with a new set of laws. Furthermore, the plan you created in the past may not be in line with the laws set by your new state of residence.

If you have any concerns regarding your estate plan, it is essential to review the finer details without delay. Many people make the mistake of keeping their estate plan the same, year after year.

Review our Estate Planning Checkup page for more information on this topic, including questions you should answer. If you need to take a second look at your estate plan, regardless of the reason, contact us for a consultation. We can help you feel better about your current situation.

To learn more, please download our free Review Your Wisconsin Estate Plan here.

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Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC

As the owner of Krueger Hernandez & Thompson SC, it is Stephanie’s mission to address each client’s goals for their estate plan. By identifying their wishes and concerns she can educate, guide, and counsel on the different tools and options that will effectively and efficiently accomplish those goals.

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