What my experiences have taught me about keeping estate plans up-to-date.
I recommend that every person review his or her estate plan every 3 to 5 years for several reasons.
Laws change. State and federal laws regarding taxes, wills and trusts change every year. Some of these changes are small, others are huge. Many of these changes will have an impact on your estate plan, and reviewing your estate planning needs and goals every 3 to 5 years ensures that your wishes will be carried out.
Life happens. Kids grow up, loved ones pass away and grandchildren are born. Major life events will undoubtedly change your estate planning needs.
Mistakes happen. Since people make mistakes, it’s important to review your estate plan for possible errors. You don’t want beneficiaries accidentally omitted because you or your attorney forgot to include them in your will or trust.
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