Shields & Boris

Events That Trigger a Review of Your Estate Plan

Our clients often ask us, “When should I schedule an appointment to review my estate plan?” While there is not a perfect answer to this question, periodic reviews of your estate plan are important. Unfortunately, we all experience crises in or lives that make us question if this is the time to make the call.

On the other hand, there are certain life events that you may not even consider contacting our office in response to; however these may be some of the most important reasons to schedule a review. If you, your spouse, or any of your children or beneficiaries experience any of the following, you should contact our office for a review:

  • Martial separation or divorce;
  • Financial problems;
  • Lawsuit;
  • Diagnosis of medical condition or disability;
  • Upon entering a personal care home or long-term care
  • Receipt of an inheritance or lump sum of money;
  • Birth of a child; or
  • Death of your spouse, child, or beneficiary;
  • Receipt of Oil and Gas royalties

When we say you should contact us for a review if your “beneficiary” experiences any of these events, we not only mean a beneficiary of your last will and testament, but also a beneficiary of your life insurance policy, retirement plan, investment account, annuity contract, etc., and also a co-owner of an account or real estate. Not only do life changing events occur, but our clients also acquire new assets, such as real estate or a certificate of deposit, or our clients enter into a gas lease. For any of these newly acquire assets, we need to make sure the ownership and beneficiary designations are consistent with the client’s estate plan.