Since when was your Estate Plan last Updated?

Many people make an estate plan and don't review it again until it's time to use it. do so. But did you know that you should actually see your estate plan as something that evolves and develops along with you? Consider the events that have occurred in your life since you last reviewed your estate plan. Perhaps you got married, purchased a new house, or had a second child. Each of these occurrences exemplifies why maintaining your plan up to date is just as vital as having a well-designed plan in the first place - because life is full of surprises.

In particular as you become older, life will keep bringing you these changes. Your overall asset value, as well as your financial status, health, and income, all fluctuate over time and in response to you. Furthermore, as time passes, your loved ones' needs will also change. After all, people divorce, remarry, have children, buy and sell homes, establish businesses, and change employment, and sometimes they face unforeseen financial troubles such as bankruptcy or personal problems like alcoholism.

You'll be able to account for every change life throws your way and better protect both you and your loved ones by having a program in place to evaluate and, if required, amend your estate plan on a regular basis. The success of your estate plan should be assessed right away, however, if you think any recent life events may have had an impact.

In addition, the law is always evolving. Over time, new laws can be passed and old ones might be overturned, which might make some alternatives for asset protection less appealing than they once were or open up new possibilities for wealth creation and preservation. Working with an experienced estate planning lawyer can ensure you have a strategy in place that will take advantage of every legislative update when you update your estate plan.

It is therefore advisable to have your plan reviewed at least every two years, whether or not you and your loved ones have gone through any recent life upheavals, to ensure that your current approach takes into account any changes to the law, tax code, or financial landscape. It's a wonderful feeling to know that your estate plan has thoughtfully planned for your and your loved ones' future financial, physical, and emotional well-being. The only thing left to do is to continue to keep your plan current in order to maintain the same degree of carefully thought-out protection for years to come.