An estate plan needs constant review that reflects changing circumstances.
Most people’s lives are not constant and are often affected by divorce, remarriage, additional children or additional assets, as well as many other circumstances as their lives unfold.
When things change, then estate plans normally need to be changed as well, according to Forbes in “Why Continuous Estate Planning Is Essential For the Rich and Super-Rich.”
The more wealth that you have, the more often you will probably need to change your estate plan.
This is because your assets will grow, how you hold those assets will change and tax laws will also change.
Nevertheless, it is not just the wealthy who need to constantly review and update their estate plans.
Everyone should do so, whenever there is a significant change in their lives that should be reflected in an estate plan.
Examples of these changes include divorce, remarriage, a new child, a new higher paying job, a new grandchild and much more.
If you have not changed your estate plan recently, then take a look at it.
Ask yourself whether it still does what you want it to do, given all of the changes in your life.
An estate planning attorney can advise you in a review of your estate plan and adjust it to fit the circumstances that develop in your life.
Reference: Forbes (Sep. 6, 2017) “Why Continuous Estate Planning Is Essential For the Rich and Super-Rich.”
