Seven Reasons to Review Estate Plans

By Tiffany Williams, Managing Executive, FineMark National Bank & Trust office at Shell Point Retirement Community

Although there’s no hard-and-fast rule about when you should review your estate plan, you should know it’s important to do a review immediately after any major life event, once a year for a quick review based on the economy or tax code changes, and every five years for a thorough review.

There are also circumstantial events that may require you to make changes to your plan to ensure it still meets all of your goals. For example, be sure to review your estate plan if:

  1. Your marital status has changed or the marital status of your children or grandchildren has changed
  2. There has been an addition to your family through birth, adoption, or marriage
  3. Your spouse or family member has died, become ill, or is incapacitated
  4. There has been a substantial change in the value of your assets or in your plans for their use
  5. Your income level or requirements have changed
  6. You have made a change in your estate plan (e.g., you created a trust or executed a codicil to your will)
  7. The executor, trustee, or guardian has changed his or her mind about serving in that capacity

Reviewing your estate plan will not only give you peace of mind, but will also alert you to any other changes that need to be addressed. If you have question about your estate plan, start by contacting your trusted financial advisor or bank consultant. Additionally, Finemark National Bank & Trust has an office on The Island at Shell Point Retirement Community. If you have questions about this article, contact us by phone at (239) 461-5999.