How often should I review my estate plan?

Minneapolis, MN estate planning attorney Cameron R. Kelly talks about when and how often someone should typically review their estate plan.

Contact Cameron R. Kelly

Email: [email protected]

Phone: (715) 381-7112

Transcript:

The rule of thumb that most people give to clients is five years. And that will depend a little bit on the complexity of the estate and what’s happening with the person. And so maybe it’s a complex estate because there are a lot of assets or maybe it’s a complex estate because of age or disability. In those situations, you’re going to what to review things more often. We when we give people their plan give a letter to them at the same time kind of explaining that this isn’t’ a one-time process that even after you do your estate plan you will need to review it from time to time. Your kids are going to get older, mom and dad are going to get older, and so the types of things that people will want to look for in deciding when to review the estate plan may be someone that they picked as a guardian or a person representative has moved to another state.

It could be that they’ve had a new child and so they want to change their plan in order to accommodate that. Or someone has a disability that wasn’t anticipated before. If those types of things happen, you want to be thinking about it when the changes are taking place and considering whether it might impact your estate. And I’d encourage people to call me at that point and just talk to me about it and we can decide whether it’s something that is going to necessitate making a change to the plan or whether it’s something that the plan already takes into account that something like that might happen.