Why You Should be Reviewing Your Estate Plan Every Three Years

In my professional practice, I don’t think I have ever talked to someone who didn’t at least think they should have an estate plan. Most people understand at least intellectually that they should have at least a will.

The reality, however, is that a surprising number of Americans don’t have any estate plans whatsoever—not even a will or a trust. Most are still planning to get “around to it.” This fact is by itself a significant tragedy.

I personally believe that getting your estate plan in order is one of the most loving things you can do for your family. I have watched what happens when a family loses a loved one and what a mess is created when there is no estate plan. So, my recommendation is to get around to it now!

Get your estate plan in place and do it sooner rather than later. At the very minimum, everyone should create at least a basic will.

An estate planning attorney who specializes in doing estate plan work can tell you whether you need a will or perhaps a living trust, as a part of the estate planning process. Be sure to get a durable power of attorney and a living will prepared as well.

Once you get your estate plan in place, don’t just tuck it away in the bank lock box and never look at it again. We recommend to our clients to review their estate plan at least every three years.

Take the time to actually read the documents again. Do they say what you intended? Do you still feel the same way you did as when they were originally prepared?

After you are satisfied that the documents reflect your current thinking or you have made notes on what changes are needed, have your estate planning attorney review the documents to make sure they still meet the requirements of current tax laws and other legal considerations.

If you get into the habit of reviewing your estate plan every three years, you will never be too far off base.You will go a long way to ensuring a smooth transition for those that are left behind after your time on this earth is done.

Financial planning isn’t always easy, if you need professional advice please contact me here.

Discolsures: Investing involves risk, including possible loss of principal, and investors should carefully consider their own investment objectives and never rely on any single chart, graph or marketing piece to make decisions. The information contained in this piece is intended for information only, is not a recommendation to buy or sell any securities, and should not be considered investment advice. Please contact your financial adviser with questions about your specific needs and circumstances.  The opinions expressed herein are those of the author and not necessarily those of United Capital Financial Advisers, LLC.  Opinions expressed are current as of the date of this publication and are subject to change.

United Capital does not provide tax or legal advice. Estate planning can involve a complex web of tax rules and regulations. You should consider the counsel of an experienced legal professional before implementing any strategy.