Reliable Disability & Estate Planning

Through Every Age & Stage of Life

The Right Time to Review Your Estate Planning Documents

A cup of tea

Time to Review Your Estate Planning Documents?

At the end of document signing appointments, when the final stamp and seal have been set, clients often inquire about the “right time” to review or refresh their plan.  While our answer may be a bit different for everyone, here are four simple rules of thumb:

Changes in the Law 

If it has been three to five years since you last created your plan, it is a good time to check the health of your documents.  Laws and regulations are ever-changing.  For example, Connecticut passed the Uniform Trust Code in January 2020, which changes rules surrounding trusts.  It is important to ensure that favorable changes in the law are reflected in your plan.

Changes in Health 

If your health has changed, it is a good time to revisit your plan with a mind’s eye toward your current or future healthcare needs.  If the health of any of your named agents has declined, you may wish to name new individuals to act on your behalf.  Lastly, if the health of any of your beneficiaries has changed, we would review how to best protect that beneficiary’s inheritance and any benefits they may be receiving.

Changes in Wealth  

If you have experienced a significant change in the size of your estate—whether an upward or downward swing (as so many are experiencing in these uncertain times)—it is important to review your plan to incorporate optimal estate tax planning language, and to review the amount and manner in which your estate will be passed.

Changes in Wishes 

As time passes and life changes occur, your estate planning goals may also shift.  If self-quarantining has left you with a bit of extra time on your hands, we encourage you to dust off your documents and make sure that they still reflect your wishes and intent.    

If you have questions about your estate plans or have had a life change similar to one described above, please contact our offices or call us at 860-238-0044 to talk about how we can help.