How Often Should Your Estate Plan be Reviewed?

An “Estate Plan” is comprised of those documents and transactions being utilized to ensure the orderly and least tax offensive transfer of assets to your heirs upon your death. This would include any wills, trusts or donation transfers intending to reduce the size of the taxable estate. Exactly what your Estate Plan is will depend on what you are attempting to accomplish.

Estate Plans may need to be modified or changed because of changes in the law which may impact upon your Estate Plan or more likely because of changes that may have occurred in your life, such as divorce, death of an heir, a change in your desires or an increase or decrease in your financial situation. Some changes that occur will make it obvious that a change in the Estate Plan is necessary but others such estate tax consequences are not as easy to see and predict and may require review by an estate tax attorney.

While it is impossible to give an exact length of time as to how often your Estate Plan should be reviewed, a good rule of thumb would be to review your Estate Plan at least every five years. If you would like to have a professional review your existing Estate Plan, please contact me to schedule a short meeting to review your existing Estate Plan documents and an updated financial statement.

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