Rotarians Ingrid Tung and Kim Strand gave an outstanding presentation on “Building a Legacy.” The Rule of Thumb is to review your estate plan every 5 years or when you have a major life changing event.
The estate attorneys discussed a number of life changing events that may affect a person’s estate.  Are there changes in marital status, family dynamics, your/spouse’s health, assets, and net worth? Did you receive an inheritance or substantial gift? Have any of your beneficiaries or trustees become incapacitated or predeceased you?  Have there been changes in tax law?  Have you considered making a charitable bequest but have not yet done so?
If you have experienced any life changing events such as the above examples or if you are concerned that the type of trust you have no longer serves your needs then it is time to “tune-up” your estate plan with your attorney.