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Estate Plan Reviews
Introduction
“Here’s Your Change”
As they say, “change is the only constant”.
Which means that even the best estate plans will gradually become outdated from life's changes and the world around us.
HHopefully, these changes are positive — so that as the years increase, portfolios grow as well; as children leave the house, new grandchildren take their place; and as life experience deepens, so do values, goals, and perspective.
Accordingly, estate plans should generally be reviewed every 3–5 years (or sooner if there’s a major life event).
Overview
Let's Review The Plan
Although a lot of thought and work went into your original estate plan, it inevitably will become outdated and should be updated. This should include a review of the following:
- Changes in Family Circumstances
- Births, deaths, marriages, or divorces
- Children becoming adults or having children of their own
- Estranged or reconnected family relationships
- Need to update guardians for minors
- Changes in Assets and Finances
- Significant increase or decrease in wealth
- New assets acquired (real estate, businesses, investments)
- Sale or transfer of major assets originally included in the plan
- Changes in retirement accounts or insurance policies
- Updates in Tax Laws
- Federal estate and gift tax changes
- State-level estate or inheritance tax updates
- Need for more tax-efficient strategies
- Old trusts that no longer reflect current tax rules
- Choice of Executors, Trustees, and Agents
- Are the people you named still alive, willing, and able to serve?
- Do you still trust them to carry out your wishes?
- Would a professional fiduciary now be more appropriate?
- Incapacity and Long-Term Care Planning
- Does the plan include updated powers of attorney?
- Are healthcare directives current and clear?
- Does the trust provide instructions if you become unable to manage your affairs?
- Beneficiaries With Special Circumstances
- Federal estate and gift tax changes
- State-level estate or inheritance tax updates
- Need for more tax-efficient strategies
- Old trusts that no longer reflect current tax rules
- Digital Assets and Modern Considerations
- Online accounts, cryptocurrencies, digital photos, or social media access
- Instructions for accessing and transferring digital property
- Personal Wishes and Legacy Goals
- Charitable giving intentions
- Updated thoughts on inheritance structure
- Ethical wills, letters to family, or legacy planning
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