Interviewer: Whitney, when is it good to update your estate plan?
Whitney: There’s two major times that you want to update your estate plan. One is our responsibility and the second is your responsibility.
I’ll start with when it’s the client’s responsibility. Anytime you have a major life change, a marriage, a divorce, a death. Anytime your family structure has changed in anyway, it’s your responsibility to look at your estate plan and say, “Hey, these people aren’t the people I want to be my decision makers anymore.”
Then, you need to give us a call so that we can go through your plan and make the appropriate adjustments. The second part of that is that there are legal changes, and you’re not going to know about those. It is our job to let you know when there are major legal changes that are going to affect the way that your plan works.
It’s our job to let you know that so that you can make an informed decision of whether you want to amend your plan, or update your plan for those new legal changes. It’s a team effort to make sure that your plan is current and that it continues to work the way that you want it to work.