An Annual Estate Plan? Seriously…Every year you should go to the doctor to get a physical, see how you’re doing and if there are any changes that need to be made in your life. All of this is for the betterment of your health. In this respect, wouldn’t you do the same when it comes to an estate plan? Think about it like this: There are 365 days in a year. That’s 8,760 hours; 525,600 minutes; 3.154e+7 seconds. If the numbers don’t tell you that’s a lot, just think about how much can change within that time.
Much like your diet and health, you can change the estate plan as you see fit. Maybe someone has strained their relationship to the point where they’re taken out of the plan. Or maybe someone has found their way into someone else’s life and now that someone wants that person involved with the estate plan. That’s why it’s never a bad thing to check your estate on an annual basis. You can make the changes needed to better reflect your intentions.
Annual Estate Plan: When to review?
The Probate Pro recommends an annual estate plan review when certain life events take plane. Here are a few examples:
- Marriage or divorce
- The birth or adoption of a new child or grandchild
- When a child or grandchild becomes an adult
- Death or change in circumstances of the nominated personal representative, trustee or guardian named in your will for minor children
- Change in your or your spouse’s financial or other goals
- Illness or disability of your spouse
- Changes in federal or state laws covering taxes and investments
- If any family member passes away, becomes ill, or becomes disabled
The Probate Pro strongly encourages everyone to put together an estate plan. Even better, The Probate Pro recommends doing an annual estate plan review. Call The Probate Pro at (833)-PROBATE for anything related to wills, estate plans and probate. We want to make sure that you are leaving your loved ones in a more secure position.