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Apr. 21 2015

A Good Rule of Thumb for Updating an Estate Plan

By Steve Elville | Posted in Estate Planning | Comments Off on A Good Rule of Thumb for Updating an Estate Plan

Authored by:  Verena Meiser, Esquire—Elville and Associates

verena@elvilleassociates.com, 443-393-7696


Several years ago I heard this simple rule of thumb, which I like to share with my clients, since they like to know how frequently they should review their estate plan:

Rule of Thumb: A good time to review your estate plan and update your estate planning documents is when something happens in your life that makes you very happy (such as a birth, wedding, the purchase of a new vacation home, an inheritance, or a valuable gift) or very sad (such as a death, illness, divorce, bankruptcy or other creditor situation).

Of course, there are situations where a change in the law may require the review and update of an estate plan.  As estate planning and elder law attorneys, we will make our clients and their professional advisors aware of such circumstances.

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Elville & Associates engages clients in a multi-step educational process to ensure that estate and elder law planning works from inception, throughout lifetime, and at death. Clients are encouraged to take advantage of the Planning Team Concept for leading edge, customized planning. Legal Services Include: Wills, Trusts, Estate Tax Planning, Powers of Attorney, Living Wills/Advance Medical Directives, Medicaid Asset Protection Trusts, Medicaid Planning and Qualification, Estate Administration, Fiduciary Representation, Nursing Home Selection, Guardianships, Special Needs Planning for children and adults, Social Security Disability Income (SSDI), Supplemental Security Income (SSI), and IRS tax controversy.

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