You wouldn’t be alone if the last time you reviewed your estate plan were before the turn of the century. Most people complete it and then forget about it. However, as tax laws change from year to year, not to mention significant life events in your family, it’s imperative to regularly update your plan.
Start by reviewing whom you choose as your executor or trustee. Are they still alive? If it was a CPA or another professional, are they still in business? Have they moved? Have you moved out of state? These are questions that will impact whether your estate smoothly moves through the process after you are gone.
Your original estate plan may have named guardians to your children, who could be in their thirties or forties now. New considerations to address in your estate include your children’s marriage, children, or divorce. Your assets most likely increased over the years, so you want to consider current federal estate tax issues balanced against your portfolio’s growth.
You can resolve a myriad of issues if you review your estate plan every three to five years. Ensure that there are fewer surprises for your loved ones so that transition is more comfortable when the time comes. Read HERE to learn ten pitfalls to avoid with your estate plan.