Estate Planning Checklist

Many times people proudly tell me "I've done my will and/or my trust." While I'm delighted that they have taken the time to do so, most people think that once they have done their planning, it's a "done deal." Interestingly, it's been established that 20 years will pass before most clients review their estate plans.

However, estate planning is, necessarily, an ongoing process, not a one-step transaction. Wouldn't you say your life is somewhat different than 20 years ago? Like it or not, our world and our lives change constantly in our dynamic existence, and like the law itself, your plan needs to respond to these changes. Here is a list of some reasons to review your estate plan.

1. Changes Regarding a child, grandchild, or other beneficiary, such as:

Birth

Death

Relocation

Marriage

Marriage dissolution

Adoption

Illness

Economic Change -- the "Hit Parade"

Attitude change toward a beneficiary

Financial responsibility or irresponsibility of a beneficiary

2. Changes in your Economic or Personal Condition

Material increase or decrease of assets

Change in insurability - life insurance

Change in employment

Change in business interests
New partnership
New corporation

Property acquired in a different state

Change in your health or that of your spouse

Retirement or wanting to plan for retirement from business or profession

Change of residence to different state

Death of trustee

3. Changes in Applicable Law

Federal and State Income Tax

Federal Estate and Gift Tax

State law regarding trusts and probate