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Tisser's Top Ten Items That Trigger an Estate Plan Review

The following is a list of some events that would suggest your estate plan be reviewed. Of course, this list is not exhaustive; there are other items that would trigger a review of your estate plan.

  1. Your estate plan has not been reviewed within the past year.
  2. You or a child has gotten married or divorced.
  3. You want to change the persons named as trustees in your estate plan.
  4. You want to change the names of the guardians who will raise your children in the event something happens to you and they are under the age of 18.
  5. You want to change your Durable Power of Attorney for Health Care regarding the person who will make medical decisions for you if you cannot make them for yourself.
  6. You want to protect your children’s inheritance from their creditors and spouses, as well as avoid estate taxes on the assets when your children die by establishing a Heritage Trust.
  7. You want to change the ages at which your children will be in charge of their own inheritance and the trustee will no longer be needed.
  8. You want to engage in estate tax planning.
  9. You want to do estate planning for your parents to minimize their estate taxes, eliminate estate taxes on your inherited assets at your death, and protect the assets you inherit from your creditors and spouse by having them establish a Heritage Trust for you.
  10. There has been a change in your health, the health of your spouse or that of an immediate family member.