The book Financial Jiu-Jitsu: A Fighter's Guide to Conquering Your Finances lists ten times to review your estate plan as follows:
- Change in marital status
- Additions to the family
- Your family faces illness or injury
- You simply change your mind
- Tax laws change
- Nontax laws change
- You receive an inheritance
- You acquire or sell major assets
- You move to another state
A couple thoughts from me:
- Aren't #1 and #2 the same thing? In other words, isn't a divorce a change in marital status? (Yes, I realize that "getting married" is a change too, just saying that divorce should be covered in #1.)
- We had our estate plan done a few years ago and haven't had any of these changes, so we haven't reviewed it for some time. That said, we will want to look over it again in a year or two just to make sure all is as we want it.
How about you? Do you have a will? Do you have other estate planning documents? Do you need to review any of them based on the list above?