Change to an estate plan happens for many reasons. Many people wait until it is to late. Luckily, Minnesota laws support a change to an estate plan when the the grantor or testator is of a sound mind. Assuming this is true, there is no better time than the present.
That said, here are a few reasons why people make revisions to their estates:
- Births or Adoptions,
- Divorces to Guardians or Personal Representatives,
- New feelings towards Guardians, Trustees, and Personal Representatives,
- An increase in the composition of an estate or an expected inheritance,
- Updates to state residence, and
- Changes in Minnesota or Federal laws.
When to Think about Change?
Look, many of us see a doctor once a year. Many of us see a dentist a couple times a year. Many of us meet with our accountant once per year. Well, revisiting our long term affairs requires our attention too.
The holiday season is a great time to reconnect with extended family. But, I like the idea of doing a deep dive on one’s estate plan around the same time we file our tax returns. For some this is far too late. For others, it is just right.
As a result, trust that distant voice. The right time is right now.