The Importance of Revisiting Your Estate Planning Every Few Years

Did you know that estate planning should be revisited every 3 to 5 years and every time there is a major change in your life? It's true! Whether you're getting married or divorced, having a child, buying or selling a home, or experiencing any other significant life event, it's crucial to review and update your estate plan accordingly.

Many people mistakenly believe that once they have created an estate plan, they can simply set it aside and forget about it. However, this approach can lead to unintended consequences and missed opportunities to protect your assets and ensure your wishes are carried out. Additionally, you may miss key opportunities to potentially reduce tax liability by not planning in advance.

One of the main reasons why it's important to revisit your estate planning periodically is that your circumstances and priorities may change over time. For example, if you get married or divorced, your spouse or ex-spouse may have legal rights to your assets unless you update your estate plan to reflect your new marital status.

Similarly, if you have a child, you'll want to ensure that they are provided for in the event of your passing. By revisiting your estate plan, you can name a guardian for your child and make provisions for their financial well-being. Another key component that most folks don't know about is setting up the important powers and access for your children who are heading to college.

Remember, estate planning is an ongoing process, not a one-time event. By revisiting your estate plan every few years and after major life changes, you can ensure that it remains accurate, relevant, and reflective of your wishes.

So, don't put off revisiting your estate plan. Take the time to review and update it regularly to protect your assets, provide for your loved ones, and have peace of mind knowing that your wishes will be carried out. Address the Elephant In The Room, watch the Video to learn more and then contact us to see how we can help!

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