Broker Check

Periodic Review of Estate Planning Documents

April 11, 2024

Estate and tax laws are constantly changing, sometimes requiring updates to existing estate plans. In some cases, the changes may even be large enough to make certain estate planning strategies obsolete. Therefore, it is critical to review an estate plan every few years to make sure it is still valid.

The main goal of estate planning is to make sure an individual’s assets transfer effectively and tax efficiently to their desired beneficiaries.  Therefore, proper estate planning uses current tax law, combined with legal strategies, to make sure that happens.  However, over time the laws can change, therefore making certain strategies that may have been effective in the past no longer relevant.

In addition, an individual’s estate planning goals may change over time necessitating a change in their overall strategy.

For this reason, it is important to make sure you review your estate plan periodically to make sure the strategies used in the plan are still the best options available, and more importantly, that your goals listed within the plan are still relevant. In addition to reviewing the strategies used, it is equally important to review and/or update your trustees, beneficiaries, and add any changes that may have occurred since the last review.