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The answer is quite simple. tax slayer Online tax forms. A review is in order whenever you have a change in the people named in the plan, a substantial change in your assets, a change in law that affects your plan or the passage of enough time that it is likely that updates are required. People Obviously, your estate plan should be updated if there has been a change affecting the individuals who are named or should be named in your planning documents. A marriage, divorce and death are all times for review. tax slayer Tax-cut-software. Occasionally, the birth of a child is a time for review, although typically estate plan documents contemplate additional children and, if so, a birth alone would not be a reason for review. However, if your plan makes gifts to specifically named individuals (for example, grandchildren) and a new grandchild arrives, then you may want to include that grandchild in your plan. Regardless of whether the change involves your beneficiaries or those named in positions of responsibility, such as guardians, personal representatives or trustees, it is important to act after the change. tax slayer Alabama-income-tax. Assets If you have a substantial increase or decrease in your net worth, your estate plan should be reviewed to be sure that it appropriately addresses your current circumstances. An update is in order if you have made a specific gift of an asset and then you dispose of that asset. Your documents should be adjusted to accommodate your current situation. Law Change If there is a change in law, you should contact your attorney to determine if the change affects your plan. We use the articles in Estate Planning Focus to highlight major changes in law, but you are most knowledgeable about your own situation. The change could occur in tax or other laws, and if you think a change affects your plan, please ask your attorney. Age 70 1/2 If you have an IRA (other than a Roth IRA), 401(k) or other qualified plan, you must begin distributions from those plans after you attain age 70 1/2. On April 1 of the year following the date you reach age 70 1/2, the beneficiary that you have designated for your plan accounts will have an irrevocable impact on both your and your beneficiary''s required distributions from the plans. The distribution rules are complex. Thus, it is of critical importance to review your beneficiary designations and other estate planning documents prior to April 1 of the year you reach age 70 1/2.
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