We caution existing and prospective clients all the time about the dangers of neglecting their estate planning strategies altogether. Simply put, everyone needs to have a plan in place for the day they die or become incapacitated, and getting it done sooner rather than later is always best. But what about those who do have a firm plan in place? The best advice we can give right off the bat is to have your estate plan reviewed often.
Next to not having a plan in place at all, failing to keep your Will, Trust, Power of Attorney, etc., updated as the years go by is one of the more egregious estate planning mistakes you can make.
How often should you do a review?
The general rule of thumb is to have your estate plan reviewed every three years. Inevitably, something will change within that timeframe and require changes or updates to your existing plan.
Think of all the things that happen over time:
- You have more children
- You get divorced or remarried
- A spouse dies
- A beneficiary dies
- Someone is now disabled
- Have moved, added more property, or sold property
- Add new business ventures
- You or your spouse have health problems
- Increases or decreases in wealth
- Changes in tax laws
And that is just for starters. Wills, Trusts, and even a POA are not meant to be drafted and promptly thrown into a drawer for a later date. They are living, breathing documents.
As your life and circumstances change — and they will — so should these pivotal documents.
Call Nelson Law Group today!!
When it comes to protecting your family’s future for years down the road, it is imperative to have an estate planning attorney in your corner at all times. Give our knowledgeable staff here at Nelson Law Group, PC, a call if you have any questions. Our staff is always available.
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