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How often should you update your estate plan?

7/2/2011

 
Since the law and the facts of your life never stop changing, you should review your estate plan and consider whether to update it every three to five years. It is particularly important for seniors to review their plans since the law and their personal situation may have changed dramatically since they last thought about their documents.

Some examples of facts that merit a change to your estate planning documents:

- after the birth or adoption of a child,
- after the death of a loved one,
- before undergoing surgery,
- after the diagnosis of a serious illness,
- upon retirement,
- when buying a new home,
- after an increase in your net worth (due to receipt of a large bonus, an inheritance, etc.).









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    Theodore E. Froum is a trusts and estates attorney in the Chicago area.

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