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When to Update your Estate Plan

A frequent question our estate planning clients ask is how often they need to review and update their estate planning documents. Historically, it was common for attorneys to suggest that their clients come in to review their estate plans every 5-7 years. While there are periods in your life during which it may be prudent to update your estate planning documents within a few years, most estate planning documents today are drafted to encompass a multitude of consistencies and to grow with your changing situation.

We recommend that our clients contact us upon a significant change in their lives, such as retirement, divorce, death or birth of an important family member, diagnosis of a terminal or cognitively degenerative disease, or children reaching the age of majority. Such events can generate changes in a client’s fiduciary selection or distribution terms and can be an important time to update the language within an estate plan to coincide with the client’s changing intent and to remove provisions which are no longer relevant.

The information on this site is not intended to provide specific legal advice nor does it create an attorney-client relationship.  An attorney-client relationship may only be created through an explicit agreement with our firm.

IRS CIRCULAR 230 DISCLOSURE: To comply with requirements imposed by the Department of the Treasury, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written by the practitioner to be used, and that it cannot be used by any taxpayer, for the purpose of (i) avoiding penalties that may be imposed on the taxpayer, and (ii) supporting the promotion or marketing of any transactions or matters addressed herein.

Our use of a disclaimer does not change the high degree of care and attention that we devote to our tax advice. Moreover, the inclusion of the disclaimer does not indicate that penalties could be imposed on the transaction at issue, but rather merely indicates that the advice we have provided you in such communication does not preclude the IRS from asserting penalties. Finally, please be assured that the use of such a disclaimer to avoid unnecessary legal expenses is similar to the approach adopted by most other tax practitioners.