How Often Should I Have My Estate Plan Reviewed?
By Thomas J. Bayles, JD, MBA Although a comprehensive estate plan should not require frequent extensive review, we recommend that a periodic review of your estate plan is made to ensure your plan is still in compliance with the law and your personal or financial situation has not changed. The rule of thumb in the industry is that you review your estate plan every year and that an estate planning attorney reviews your estate plan every three years. There are several events that may trigger the necessity to make changes to your estate plan: • federal tax law changes • state law changes • marriage or divorce • birth or adoption of a child • death of a child • change in marital status of a child • death of a spouse • change in health or mental capacity of you, your spouse, or a beneficiary • increase or decrease in personal wealth • change in employment or state of residence • receipt of substantial inheritance or gift.
Is there a need to change your fiduciaries? The death of an individual nominated in your estate plan to serve as a personal representative, guardian, or trustee may trigger a need to change your documents. Has your relationship with one of your fiduciaries changed so that you are no longer comfortable naming them in your documents?
Handwritten changes on estate planning documents can create problems and raise issues: Were the handwritten changes in the deceased’s handwriting, was the decedent competent, and/or was the decedent under undue influence? The cost to prove these issues in court will far exceed the cost of a properly drafted codicil to your will or amendment to your trust.
A review of your estate planning documents by an estate planning attorney will provide peace of mind and should result in your assets passing to the beneficiaries you identify in the manner and at the time you would like the beneficiaries to receive them. ProvenLaw, PLLC /Thomas J. Bayles has actively provided legal advice in trusts, estates, and taxes in Southern Utah for over eighteen years. Please visit our web site www.provenlaw.com or call 435-688-9231. The information in this article is for educational purposes only and is not intended to be construed as legal advice.
About the Author Thomas J. Bayles is an attorney at ProvenLaw, PLLC. The company name is new to the St. George market, but Mr. Bayles has been an attorney in St. George, practicing in estate planning and business succession planning for over twenty years. ProvenLaw is a legal group providing trust, estate, tax planning and litigation, probate, trust administration, and business succession planning in the state of Utah. ProvenLaw exceeds our clients’ expectations by offering unmatched expertise, client service, and quality work. With more than ninety years of collective experience, ProvenLaw promises consistency, knowledge, clarity, constant communication, resolution, and peace to our clients. If you would like to visit with us about your planning, please visit our website at provenlaw.com, or give us a call at 435-688-9231.
St. George Health & Wellness Magazine | March/April 2021 51
