Life is full of changes—some big, some small, and some that sneak up on us unexpectedly.
That's why reviewing your estate plan isn't just a box to check every once in a while; it's a necessary part of keeping your future and your loved ones' futures secure. Think of your estate plan as a living document, one that evolves as your life and circumstances change. An annual review ensures that it stays in sync with your goals, values, and the needs of your family.
When Should You Review Your Estate Plan?
When you first create an estate plan, it reflects a specific moment in time. Maybe you were just starting a family, celebrating a new marriage, or planning for retirement. But what about now? Have you welcomed a new child or grandchild? Bought or sold a home? Perhaps there’s been a significant career change or even a shift in your personal priorities. Reviewing your estate plan annually allows you to align it with where you are today, not where you were five or ten years ago.
Reasons to Review Your Estate Plan
Tax laws, inheritance rules, and healthcare directives can all shift over time, sometimes in ways that directly impact your plan. By taking the time to review it, you can ensure that your estate plan is not only up-to-date but also optimized to provide the maximum benefit for you and your heirs.
Family dynamics can also play a major role in why reviewing your estate plan annually is important. Relationships evolve, and sometimes they can be unpredictable. An annual review lets you make necessary adjustments to account for changes, such as new marriages, divorces, or even shifts in responsibility. It's a way to protect your intentions and avoid leaving your loved ones with unnecessary confusion or conflict.
Reviewing your estate plan is also an opportunity to double-check the little things that are easy to overlook, like beneficiary designations on insurance policies or retirement accounts. These details might seem minor, but they can have a huge impact on how your assets are distributed. Ensuring these align with your estate plan avoids surprises down the road.
Peace of Mind
Ultimately, reviewing your estate plan annually is about more than just paperwork. It's about peace of mind. Knowing that everything is in order gives you the confidence to focus on the present rather than worrying about what might happen in the future. It's a way of saying to your family, "I've got this," and backing that promise up with careful, thoughtful planning.
Life changes, laws change, and relationships change—but by making reviewing your estate plan a yearly ritual, you can ensure your legacy remains as you intend it to be. After all, your estate plan isn't just about protecting assets; it's about protecting the people and causes you care about most. So, take the time each year to give it a second look—you'll be glad you did.
If you have changes or concerns about your existing estate plan, Johnson McGinnis Elder Care Law & Estate Planning’s team of professionals is here to help guide you through any changes.
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