When to Update an Estate Plan

When to Update an Estate Plan

By Melinda Gustafson Gervasi

June 1, 2021

Image by M. Gustafson Gervasi 2021

June has arrived.  Gone are the drab brownish lawns and tree branches.  Lush green foliage is juxtaposed by the light blue skies.  When you live in Madison, Wisconsin, with is harsh winters and drastically different seasons, you tend to stop and appreciate when the verdant landscape arrives on your doorstep.  June also ushers in three common life events that illustrate times when it may be appropriate to update your estate planning documents:

• Graduations -- has a younger person in your life reached a more mature life stage to allow them to serve as your health care agent, personal representative, etc;
• Weddings -- has someone nominated in your estate plan had a name change?  If it has been "awhile" since you updated your documents, this name change may be the extra nudge towards updating your documents; and
• Retirements -- have you moved out of state?  If so you may want to examine your documents to find out if they still meet your needs and the legal requirements of your new residence. 

In my opinion, estate plan updates are necessitated by life events rather than the pure function of time.  Pause, smell the flowers, and give a little extra thought to what life events have unfolded in your circle that warrant the energy to update your estate planning documents.

Thank you for reading.  Please remember that a blog is meant to spark thought and discussion.  A blog is not a substitute for a lawyer nor is it legal advice.  It is best for you to work with an attorney in your home state for advice specific to your situation.  And if you find my writing informative, consider sharing on your social media via the buttons below.