Review & Reinvest


Review & Reinvest


When was the last time you pulled out your estate planning documents to review them, or update them? Most people visit their CPA or Financial planner annually, if not more often. However, people often have a “set it and forget it” mentality regarding estate planning. Below I have listed a few reasons to review and update your estate plan that you may have never considered.

IT HAS BEEN 3 – 5 YEARS: If you have not looked at your plan in years, then pull it out for a review. It is always a good idea to peek at your documents, just to remind yourself whom you chose to be your agent, trustee and executor. I can barely remember what I did yesterday let alone recall whom I chose to make financial decisions for me. Reviewing your documents with your attorney will help to solidify the choices you made and the role each person will play in your estate plan. In addition, divorce, law change, financial and life circumstances change…if you never update your plan or review it then you may have a plan that does not function.

YOU ARE HAVING HEALTH ISSUES: If you expect to have significant medical issues, it will be important to insert special provisions into your trust, such as special care requirements or a desire to remain in your home. If capacity will become an issue, any changes to your trust must be done prior to incapacity to be effective.

YOU OR YOUR SPOUSE STARTED A BUSINESS: if you started a business depending on the type of business, you will need special provisions in your trust regarding how the business is run and distributed. Ownership interest may need to be funded to your trust. Anytime you start a business or convert the form of your business you will need to likely update your trust, and at the very least review your estate planning documents.

Reviewing and updating your estate plan will send you back to your attorney, which will cost a fee; however, the expense of investing in your estate plan is far lower than an out of date or dysfunctional plan. So take the time to review and update your estate planning documents.

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