Your Estate Plan Shelf Life

One of the common misconceptions people have is that once they've crafted an estate plan, they're good to go for life. While a well-structured estate plan does have a degree of flexibility, it's not a one-and-done deal. Certain aspects of it need occasional revisions.

Reasons to Update Your Estate Plan

• Changes in Family Dynamics: As your children mature, your inner circle evolves, and so does the potential caretaker for your children if you're unable to.

• Shifts in Relationships: Your family dynamics shift, your children's friends and schools change, and your circle of trust alters.

• Age and Location of Relatives: The relatives you once counted on might have aged or relocated, necessitating a reassessment of guardianship.

• Asset Portfolio Evolution: Your asset portfolio changes over time, requiring individual attention to ensure every asset is included and handled appropriately.

• Legal Changes: State and federal laws are always evolving, which could impact your estate plan.

  
  

Specific Updates to Consider

• A newly acquired property might need an updated deed to include it in your existing trust.

• A change in job or retirement plans might necessitate an update to the designated beneficiary forms.

  
  

Regular Maintenance

As you expand, downsize, and restructure your life, keeping your estate plan up-to-date is crucial. Even the most comprehensive estate plan can't foresee the future. A robust plan is not only well-crafted but also current. Your plan is a reflection of your wishes at the time of its creation; regular upkeep is required to ensure everything stays on course.

Planning Horizon

I suggest a planning horizon of five to ten years, with the intention to revisit your estate plan every few years.

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