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How frequently should you update your estate plan?

How Do I Keep My Estate Plan Updated?

If you want to ensure that your assets are handled according to your wishes, having an estate plan is a must. But, how often does it need to be updated? Can an experienced Gainesville elder law attorney help you keep your estate plan current?

Find an elder law attorney in Gainesville

Whatever your elder law needs are — from estate planning to wills — our attorneys at the Miller Elder Law Firm can help you. To speak to one of our knowledgeable, experienced attorneys, call us today.

“It used to be that we would say, ‘You need to update your estate plan every seven years.’ Now, it really depends on the changes that are going on either through the legislature, on the federal level; it also depends on the size of your estate. What we have in our offices is actually like an estate planning insurance program. We call it our maintenance program. Basically that requires, as part of the maintenance program, we are required to update your estate plan every two years. We have you on the calendar every two years to come in and update that estate plan as long as you’re in that insurance/maintenance program.

Basically, if you then at any time decide you need to update your plan, if you want to update your trust or you if need to fund additional assets into your trust-based plan, we will do that free of charge. Every year, we also send out what’s called our ‘asset list,’ and basically it’s all your assets that we have and that we know about that are titled into your trust. Then we make sure that there haven’t been any changes to that, so every year you’re going to look at it and go, ‘Oh, I bought a new car,’ or ‘We bought property at the beach,’ or whatever; ‘We sold this or that.’ We make sure we have everything properly funded. If you die, everything’s going to pass the way it should pass through your trust-based plan.”