How often should I review my estate planning?
A good practice is to review your estate plan every 3 to 5 years, and potentially more frequently if certain life events intervene, such as:
A significant change in net worth (including the receipt of an inheritance)
Change in state of residence
The birth of a child or grandchild
Marriage or divorce
Changes in federal or state laws covering taxes
Death or change in circumstances of the people named to serve as executor under a will, guardians, trustees under a trust, and agents under powers of attorney
Before you remarry consider a pre-marital (prenuptial) agreement
When you retire- especially if you move to another state.
When a spouse dies or suffers declining health or incapacity.
Why is estate planning important?
Surveys show a large percentage of the population do not have estate planning in place. 35% of adults say they or someone they know have experienced familial conflict because of the lack of estate planning.
Why do people not have planning?
By reviewing nationwide surveys we know only about 32% of Americans have a Will or Trust in place. The big question is WHY?
40% say they have not gotten around to it- so basic procrastination.
33% say they do not have enough assets to leave to someone.
13% say they think it will be too expensive.
12% say they do not know where to begin.
For many people creating an estate plan does not begin until there is a catalyst event such as a change in personal health, death of a friend or family, conflict in a marriage or divorce, retirement, birth of a child or big regulatory changes in tax policy.
It is our pleasure to assist you if you need to review your planning or get started on a plan.
