Why It's Important to Review & Update Your Estate Plan Every 3 to 5 Years

There never seems to be enough hours in the day to get all of the things done that we would need to or would like to. Often times, we have to prioritize our to-do list to take care of tasks that need our immediate attention. In doing so, the task of reviewing our estate plan falls further down the list and can potentially drop off. Our office does a great job of reaching out to schedule those review meeting or offer seminars about updates in estate planning, but it’s important for you, our clients, to know why we make that a priority in our office.

Circumstances change In today’s fast paced life, circumstances are constantly changing. Be it children get older and/or family dynamics changing, those changes may impact how your estate plan works. For example, if your children were younger when you created your estate plan, and are now adults, beneficiary designations or trust distributions may

need to be changed to better reflect your wishes and plan to reduce potential tax liabilities. Or perhaps you want to create trust shares for grandchildren.

Assets changes If you’ve changed jobs, you may no longer have the same 401K plan through your employer. You may have changed banks, added or inherited additional assets, such as stocks, bonds brokerage accounts to your financial portfolio, or simply moved. Laws change Our firm will keep you informed with changes in the law pertaining to estate planning matters. Still, it is important to understand that even small changes in the law can impact your wishes or create potential tax implications.