You have an estate plan. Now know when to update it! ? United ...

In our June 27, 2012 blog, Holleigh Baker discussed the various basic estate planning documents. If you already have all of your basic estate planning documents, congratulations! You have come a long way. But you should also know that you are not finished, because part of the estate planning process is to periodically update your plan.

As your financial advisors, the Wealth Management Group at United Bank & Trust sees it as our role and responsibility to ensure that you have the most tax efficient and up-to-date estate plan that you can have. We understand that you are too busy to think of your estate plan once it is drawn up and signed. Our job, however, is to refresh you on the terms of the plan, update you on the latest changes in applicable law and work with your estate planning attorney to make sure your estate plan continues to suit your needs.

There is no exact science behind when to update your estate planning documents. On a very basic level, they should be updated any time the following occurs:

? There is a significant change in the law that impacts your situation
? A significant life event occurs or your intentions change

Many estate planning attorneys have their clients on a regular review schedule to occasionally take a fresh look at the estate planning documents. They will, in addition to your Wealth Management Group financial advisor, keep you up-to-date on changes in applicable law and discuss how it may impact your estate planning goals. In addition to the regular review with your attorney, consider updating your estate plan when any the following occur:

? The person or people you named as fiduciary are no longer able or interested in serving in that role. They may have moved away, predeceased or perhaps your relationship with them has changed such that you no longer desire to have them serve as your fiduciary.
? Your family situation changes. Either you get divorced or married, have children or your children get married and/or have their own children.
? You inherit a significant sum of money or otherwise acquire additional wealth.
? Your asset values significantly increase or decline.
? You move to another state.
? You purchase or sell a closely held business.
? You learn that one of your beneficiaries is disabled or incapacitated and has special needs.
? Your children grow up and they are financially mature, and you decide that keeping the assets in trust for them no longer makes sense.
? You want to change your beneficiaries altogether or change the amount your beneficiaries will receive.
? Several years go by without reviewing your estate plan.

The above are just a few reasons to update your estate plan. Although it is very easy not to think about it once you have done it, it is very important to update your estate plan from time to time. Please call on your Wealth Management Group financial advisor to help navigate you through the updating process and make sure your estate planning goals are met.

Source: http://blog.ubat.com/index.php/2012/08/30/you-have-an-estate-plan-now-know-when-to-update-it/

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