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Reviewing & Updating Your
Estate Plan

Once you have established your estate plan, make sure it stays sound by revisiting it at regular intervals or at key life events.

Many people review their estate plan at a regular frequency, often when they review their whole financial plan. This can be done annually, semi-annually, or quarterly; for estate planning specifically, the general recommendation is at least every three to five years or when there is a life event. You may want to get your attorney or tax advisor’s help.

In addition to regular reviews, it’s a good idea to review and update your plan at life events like the following:

  • The birth or adoption of a new child or grandchild
  • When a child or grandchild becomes an adult
  • When a child or grandchild needs educational funding
  • Death or change in circumstances of the guardian named in your will for minor children
  • Changes in your number of dependents, such as the addition of caring for an adult
  • Change in your or your spouse’s financial or other goals
  • Marriage or divorce
  • Illness or disability of your spouse
  • Change in your life or long-term care insurance coverage
  • Purchasing a home or other large asset
  • Borrowing a large amount of money or taking on liability for any other reason
  • Large increases or decreases in the value of assets, such as investments
  • If you or your spouse receives a large inheritance or gift
  • Changes in federal or state laws covering taxes and investments
  • If any family member passes away, becomes ill, or becomes disabled
  • Death or change in circumstance of your executor or trustee
  • Career changes, such as a new job, promotion, or if you start or close a business

Reviewing your plan at regular intervals in addition to major life events will help ensure that your legacy, both financial and otherwise, is passed on in accordance with your wishes and that your beneficiaries receive their benefits as smoothly as possible.

Next step

Call Fidelity at 800-343-3548.
Fidelity can help with trusts and other estate planning solutions.

Questions?

The tax information and estate planning information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice. Fidelity does not provide legal or tax advice. Fidelity cannot guarantee that such information is accurate, complete, or timely. Laws of a particular state or laws which may be applicable to a particular situation may have an impact on the applicability, accuracy, or completeness of such information. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. Fidelity makes no warranties with regard to such information or results obtained by its use. Fidelity disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Always consult an attorney or tax professional regarding your specific legal or tax situation.

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