People often ask when they should review and update their estate plans. The truth is that if you are asking the question, then now is the time to review your estate plan and see if it needs to be updated. Any time that your life changes in any significant way, you need to check your estate plan to make sure that it is still valid and that it still does what you want it to do.
Failure to review your estate plan can have dire results. For example, if you move to another state, then you will want to make sure that your estate plan will be considered valid according to the laws of that state. The inventor of Jeno’s Pizza Rolls did not do that when he retired to Florida. Now, his heirs are in a dispute over the Trustees of his Living Trust. The problem is that before the court can actually decide that dispute, it needs to determine if Minnesota or Florida law applies to the Trust. It is a needless complication that could have been avoided by simply reviewing the estate plan after moving.
If you change your life, you need to review your estate plan. If you aren’t sure whether a change is significant, review your estate plan just in case.
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