Seattle, WA estates & probate lawyer Bill Hickman gives his advice on how often one should review their estate plan and why.
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Our recommendation is that the estate planning documents be reviewed about every three to five years and that’s if nothing dramatic has happened in those three to five years. That’s just to look and see whether there have been any changes in the law or other things that might need tweaking at that time. But also, in addition to just looking every three to five years, one of the person’s that you’ve chosen as your executor or your attorney in fact or trustee has died or is not able to serve, you’re going to need to review your documents and make changes there.
Also, if things have happened in your situation and you want to change the distribution plan because of what’s happened you’re going to want to look at making changes then. And then, you know, if there’s a change in your financial situation, perhaps you’ve received an inheritance yourself or something has happened and you might be facing some tax issues that you weren’t previously facing that’s another reason to look at things.