Review & Revise – Not 'Set & Forget'
Finally. After the many years you've had it in your mind to create that will or trust, you've done it. Nothing more to do with it! Right? Well, not so fast. One thing for certain, life doesn't stand still. Your family, your circumstances, and don't forget the government, are constantly growing, changing, and imposing new laws respectively.
Too often people tuck their estate plan away and twenty years or more hence, when the time comes to rely on the plan, it is discovered inadequate or inflexible to their current needs. Their life's circumstances changed and the plan in many places is no longer relevant, or worse, undermines their intentions. While your estate plan may not be your favorite bedtime story every evening, as a practical matter for your benefit, it is best to review the plan you have in place every three to five years. Some circumstances that should trigger a review on or before that time: moving to another state; births; the 3 D's, death, divorce, disinheritance; marriage; charitable giving; your executor needs to be changed; children turn eighteen and changes in the law.
This is just a sampling of trigger events. Review your estate plan regularly with your estate planner to identify the obvious and the not so obvious impacts.
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Serving Clackamas, Hood River, Wasco, Deschutes, Multnomah, and Washington Counties.
Confluence Law Center
24461 E. Welches Road, Suite 4
P.O. Box 964
Welches, Or 97067