Estate Planning is not a "set it and forget
it" kind of thing. Your life
changes, your assets change, the law changes --- and if your plan doesn't
change, your family may be adversely affected.
The people you love most up end bearing the consequence of your failure
to act. If you do not review your plan periodically and
update it regularly, your family will still have to address such changes at a
price more costly.
Conducting
a proper review of your estate plan periodically will help you to identify a need
for plan update due to:
Life
Transitions:
Have any babies been born, loved ones died, people gotten divorced or married? If
so, you need to revisit your plan.
Changed
in Law: Changes in federal and state tax laws may require
updates to your healthcare and financial power of attorney. State and Federal regulations may also be
revised, driving new wealth planning strategies that should be a part of your
estate plan.
Changes
in Assets: Has your net worth gone up or down? Have you
invested in any new assets, such as business, opened new bank accounts,
retirement accounts, insurance policies, real estate or anything similar? If so, your plan need to be revisited.
Funding
of assets and beneficiary designations: One
of the most common mistakes people make is not properly completing the transfer
of assets into a trust within their estate plan. Another common error is having beneficiary
designations that are inconsistent with the distribution language in the estate
plan. I recommend a review of these
matters at least annually.
If
you would like more information about creating or updating your estate plan,
call me to schedule a time for us to sit down and talk.
The Law Firm of L. David
Rish at (425) 679-6474
