When Do You Need To Review Your Special Needs Estate Plan?

By: Steve Newbold, Attorney
NewboldLaw-Special Needs Legal Services
snewbold@newboldlaw.com
www.newboldlaw.com
(309) 826-1658
 
"Securing the Future for Your Loved One"
 
Many of us have done considerable special needs planning and have developed a formal estate plan to ensure our child’s future security.  For those that have, I congratulate you! The question you should have is, “When do I need to review my estate plan?” To give you guidance consider the following:
  • At least every five years-the law is always changing and so are the circumstances in our private lives.  If more than five years have gone by, chances are some vital part of your plan is out of date.
  • Whenever there is a significant change in your financial situation-whether good or bad, it will affect the plans you made.
  • Whenever there is a significant change in your family situation-you marry, divorce, become a parent, your spouse or other family member dies, your child with a disability has a change in circumstances.  Any one of these will impact your plan significantly.
  • When your wishes for part or all of your estate plan change-you may desire a different guardian for your child in your will, you may want to now apply for guardianship, you want to change how you distribute your assets.
  • When you move to another state-laws vary from state to state and any differences can greatly impact your current plan.
  • When there have been major changes in tax, trust, probate or other relevant laws, procedures and techniques-an example is the major change in estate tax laws in 2010 and to happen again in 2011. These type changes may require radical changes in your current plan.
If you need changes made to any of your estate planning documents, be careful not to make them yourself without first consulting with a professional.  Your “small” change may have a rippling effect for your child with a disability. For example, it could invalidate their eligibility for government benefits.
 
For those who have not taken that first step to put a plan in place, THE TIME TO START IS NOW.