By Michael T. Lahti
Now that your estate plan is signed, sealed and properly funded, don’t think you can forget about it for the next ten years.
There are times when normal every day events can (and will) affect your estate plan. Part of your overall planning should be to contact your estate planning attorney when these events occur, so your plan can be reviewed and updated.
Following is a series of potentially life altering events that could affect your estate plan. Any of these occurrences should be brought to the attention of your estate planning attorney:
- Having a new child, or adopting a new child.
- A change in your marital status.
- A new daughter-in-law or son-in-law in the family.
- The death of a loved one mentioned in your estate plan.
- A change in health for you, your spouse or your children.
- Inheriting substantial assets.
- A change in the tax code.
- Buying or selling a business.
- Acquiring sizable new assets.
- A setback in personal finances.
- A change in your permanent residency.
- Your executor dies or becomes incapacitated.
- Retiring.
- Winning the lottery. Good luck!
Lahti, Lahti & O’Neill, PC offers complimentary estate plan reviews every three years. However, if a major event has occurred in your life, be sure to contact us to see if you estate plan needs to be adjusted.