Reason #48 You Need an Estate Plan

You Have a Will, But It’s Old

It likely won’t surprise you to hear that many people already have an estate plan. You might even be one of those people. But how long ago did you make that plan? 5 years? 20 years? Yes, it’s true that an estate plan – no matter when it’s created – is technically valid until you die or revoke it. But think about it: When was the last time you looked at it? Do you remember what’s in there? Remember the circumstances you were in at the time you created it. Your estate plan may still “work,” but does it really work for you?

There are all sorts of reasons that I would recommend updating an old estate plan. First, depending on the age of your estate plan, it is very possible that the law – state estate planning laws or federal tax laws or both – has changed. While changes don’t invalidate old plans, you could be missing out on things that are beneficial to your situation.

Second, your circumstances, and that of your family, have very likely changed. Children have reached adulthood. Marriages have occurred (or been dissolved). Deaths have happened. Wealth has increased. Whatever has or hasn’t happened, it’s worth looking at your situation with fresh eyes.

It couldn’t hurt to check your estate plan annually to make sure it still matches your goals. If it’s time to review your plan, start by giving us a call at (248) 477-6300.