How Often Should I Update My Estate Plan?

In general, you should review your estate plan with your estate planning attorney whenever you experience (a) a significant change in your family or marital situation, (b) a substantial change in your net worth, or (c) a substantial change in the composition of your assets.

Even if your family or financial situations have not changed, you should probably review your estate plan every 3 to 5 years, so your attorney can advise you as to whether there have been any changes in federal estate tax law or Utah trust and probate law that require revisions to your estate planning documents.  Of course, in times like these in which federal estate tax laws are changing dramatically from year to year, it is prudent to consult with your estate planning attorney on a more frequent basis.

It is very possible that, upon review, your estate plan will not need to be revised or updated.  But you will not know that until you speak with your attorney.

Rust Tippett is the author of this blog post.

Copyright 2012 UNLEPI, LLC, a Utah limited liability company.  All Rights Reserved.

This blog post in no way creates an attorney-client relationship between the reader and either Robert S. (Rust) Tippett or Bennett Tueller Johnson & Deere, P.C.  The reader should consult with his or her own estate planning attorney regarding his or her particular circumstances.


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