How often should I update my estate plan?
Most clients don’t feel the need to update their estate plan until life-changing event occurs.
Some of these life events can be happy occasions, for example the birth of a child, going away on your first vacation without the kids, buying a new home, getting remarried, entering retirement.
And sometimes these life events can be challenging times: for example, death or terminal illness, disability, divorce, or separation.
In practice, most clients update their estate plans at least twice during their lifetime.
Empty Nester’s Estate Plan Update
The first update usually occurs for clients in their 50s or early 60s after they have accumulated a substantial amount of wealth (home equity, retirement accounts, etc.) and their kids are now leaving the home or in the process is becoming financially independent.
Legacy Estate Plan Update
The second estate planning update usually occurs when the client is in their 70s or early 80s and has had time to reflect more on things. They’ve had a chance to watch their children fully mature, raise families of their own, and to see their grandchildren’s personalities develop.
While the estate plan is still centered around asset management and distribution, the concept of leaving a legacy and protecting assets becomes much more pronounced.
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Need help with your Estate Planning?
If you would like to review or update your estate plan, then give me a call at 781 202 6368 (MA),
603 836 4166 (NH),
email jlento@perennialtrust.com, or click here to schedule your free personal consultation.
I’m always happy to help!
Joseph M. Lento, J.D.
Your Local Estate Planning Attorney
www.PerennialEstatePlanning.com
Massachusetts Office:
477 Main Street
Stoneham, MA 02180
New Hampshire Office:
91 Middle Street
Manchester, NH 03101
