With anything relating to your family’s long-term security, there is no “set it and forget it” method that guarantees everything will be optimal. Your estate plan, much like many other aspects of your life planning, need a checkup every few years.

We typically recommend our clients come in every three years for a thorough look-through of their estate plan. There are two strong reasons why:

Laws change. Every year, state and federal laws receive updates, so it’s good to be sure everything you’ve set out takes full advantage of opportunities to avoid unnecessary taxes on your belongings.

People change. Whether it’s relationships, health, financial situation, or something else, your family won’t be the same in three years as it is now. Perhaps a different person would make most sense as a potential executor of your estate now than three years ago. Or, maybe you welcomed a new grandchild into the world and want to set aside something to help with future expenses (like college). Now’s the chance to do that!

For your estate plan checkup, there are a few areas we focus on. Your existing documents, such as wills, power of attorney, and trusts, all need to be examined to ensure the right people are given the right authority. It allows you to make updated decisions based on any changes in your family or medical history.

Next, we’ll review your assets – from personal possessions to real estate, vehicles, and more. This ensures everything is thought of, and anything new (like a condo on the beach or trust fund you’ve started) is thought for.

We also take a look at policies like life insurance and double-check your fiduciaries on each.

If it’s time for you to review your estate plan, then contact us today – we’ll be happy to help!