Creating an estate plan is essential to assuring your legacy, but the process does not end when the plan is in place. You must periodically review your estate plan to assure it accurately reflects your current goals. An important time to revise your plan is when your personal or financial situation changes—more specifically, in the event of divorce, remarriage, birth or adoption of children, inheritance, or illness. It is also important to review your estate plan when tax laws change because they can often dramatically affect your plan. Life’s events show us that it is important to keep up with our estate plans to ensure that our assets will go to the proper place.
See Mark Eghrari, 6 Reasons to Revise Your Estate Plan as Soon as Possible, Forbes, January 2, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
