As an experienced estate planning law firm, we understand that planning for the future can be overwhelming, especially when it comes to making decisions about your estate plan. One of the most common questions that people ask me is "how often should I review and update my estate plan?" In this article, We'll discuss the importance of reviewing and updating your estate plan and provide guidance on how frequently you should make changes to your plan.
The Importance of Reviewing and Updating Your Estate Plan
Your estate plan is a set of legal documents that outline your wishes for the distribution of your assets and the care of your loved ones after you pass away. It's important to note that your estate plan is not a one-and-done document. Rather, it's a living document that should be reviewed and updated regularly to ensure that it remains accurate and effective.
There are several reasons why you should review and update your estate plan. For example, changes in your personal circumstances, such as marriage, divorce, birth, or death, may require you to update your estate plan. Similarly, changes in tax laws, which happen frequently, may also necessitate revisions to your estate plan.
Another reason to review and update your estate plan is to ensure that your wishes are still aligned with your goals and objectives. As you go through life, your priorities and goals may change, and you want to make sure that your estate plan reflects these changes.
How Often Should You Review and Update Your Estate Plan?
So, how often should you review and update your estate plan? As a general rule, it's a good idea to review your estate plan every three to five years or whenever a significant life event occurs. This includes events such as marriage, divorce, birth, death, or a significant change in your financial situation.
It's also important to note that the frequency with which you update your estate plan will depend on your individual circumstances. For example, if you have a complex estate or if you have a high net worth, you may need to review your estate plan more frequently than someone with a simpler estate.
What Should You Review When Updating Your Estate Plan?
When you review your estate plan, there are several key areas that you should focus on. These include:
Review the beneficiaries named in your estate plan to ensure that they are still accurate and up-to-date.
Executors and Trustees
If you have named an executor or trustee in your estate plan, make sure that they are still willing and able to serve in this role.
If you have named guardians for your children, review your choice to ensure that it still reflects your wishes.
Review the assets listed in your estate plan to ensure that they are still accurate and up-to-date.
Review your estate plan to ensure that it still reflects current tax laws and that you are taking advantage of any available tax planning strategies.
How to Update Your Estate Plan
If you determine that your estate plan needs to be updated, it's important to work with an experienced attorney who can help you make the necessary changes. This may involve updating your will, trust, or other estate planning documents.
It's also important to note that updating your estate plan is not a one-and-done process. Once you make changes to your plan, you'll need to review it again in the future to ensure that it remains accurate and effective.
Contact Heritage Law Office
At Heritage Law Office, our experienced estate planning attorneys are here to help you navigate the complexities of estate planning. We'll work with you to thoroughly review your needs and goals and provide an outline of your best options, including the creation of an irrevocable trust or other estate planning documents. We understand that estate planning can be a daunting process, but we're here to provide you with the guidance and support you need to make informed decisions about your future.
Contact our attorneys online or at 414-253-8500 to schedule a free consultation today. We'll help you develop a comprehensive estate plan that reflects your unique needs and goals and provides peace of mind for you and your loved ones.