Sjoberg & Tebelius, P.A.
Serving Minnesota & Western Wisconsin
651-315-8856

Four Situations When You Should Review Your Estate Plan

Butterfly.jpgThe biggest mistake someone can make relating to their estate is failing to create a plan for distributing their assets. In close second is forgetting to review and revise their estate plan following a major life change.

Below are four situations that should prompt an estate-plan review:

1. You have moved out of state

Different states approach probate, estate taxes, medical directives, and powers of attorney differently. If you have recently moved, have an attorney review your estate plan under the rules of your new residence to ensure it remains valid. An attorney can also help you with proof of residence, where applicable.

2. Changing family relationships

Life events can trigger a need to update your estate plan, such as:

  • Marriage
  • Divorce
  • Birth of a child/grandchild
  • Death of a family member

Someone might also want to revisit their estate plan if their relationship with a family member who would otherwise inherit has broken down, or has been repaired (if the person was originally omitted from the will).

3. Financial gains or losses

Whether you won the lottery, sold a business, or fell on hard times, changes in your financial situation should trigger an update to your estate plan. Review the plan to ensure the assets you wish to go to charity, trusts, and family members remain appropriate, and are properly strategized, according to your current portfolio.  

4. More than three years have passed since you created or revised your estate plan

Changes in tax law or other applicable rules can have a significant impact on your estate plan. Even if you have not experienced any major life events, a review of your plan every few years will allow you to take advantage of (or respond to) changes in the law as well as help to ensure your plan still fulfills your wishes.

No Comments

Leave a comment
Comment Information
Client Testimonials

Client Testimonials

  1. “Thank you for providing personalized professional services to us during a time of grief and loss when family relationships were not the best. With an attorney on board to help manage legal matters, everyone had confidence that the best was being done. ”

    Read More…
  2. “Our estate plan was handled well. We never felt rushed and all details were fully explained. Sam is very professional, easy to talk to and experienced in all aspects of estate planning. He gave examples and explored alternatives for us to consider. Well done and thanks.”

    Read More…
  3. “I was given the name of the law firm by a family friend after helplessly pilfering through endless names on websites. I am grateful I called. I was connected with Dave Meier immediately and from the go, was treated with dignity, care and respect. Every visit to the firm was pleasant and professional. ”

    Read More…
  4. “We were highly impressed upon the level and capability of Sjoberg & Tebelius. They gently showed us that there was much more to achieving the Will in the correct format that will protect our children than the quick attempts we had made on our own. Great people to work with - achieving our desired results!”

    Read More…

Over 30-years of experience Serving Minnesota & Western Wisconsin

Sjoberg & Tebelius, P.A.

2145 Woodlane Drive
Suite 101
Woodbury, MN 55125

Fax: 651-738-0020
Map & Directions

Map