Most people experience a tremendous sense of relief when their estate plan is completed. It’s a great feeling to know you have thoughtfully prepared for your future financial, physical, and emotional well-being, as well as that of the people you care about most. Does that mean you can just file your plan away and never think about it again? Absolutely not. Keeping your plan up to date is just as important as having a well-designed plan in the first place. The reason for this can be summed up in a single word: Change.
Change is Inevitable
Your needs will inevitably change as you grow older. So, too, will your health, financial situation, income, and the overall value of your assets. The needs of your loved ones will change as well. After all, people get divorced and remarry; they have children; they buy and sell homes, start businesses, change jobs; and sometimes, they suffer unforeseen financial difficulties like bankruptcy, or have a disease like alcoholism. By having your plan reviewed and updated, you are able to take the changes that are part of life into account, and better protect both you and your loved ones. In addition, the law itself is constantly changing.
When to Review
So, when should have your plan reviewed? Here are some of the situations that likely require an adjustment to your plan:
You or a loved has been severely injured or has become seriously ill
Receiving an inheritance
Moving to another state
You're concerned about nursing home planning
We recommend that our clients have their plans reviewed every three to five years. And remember, an integral part of your plan that needs reviewing is beneficiary designations on retirement assets (IRA’s and 401k’s) and life insurance.
At Ronald J. Axelrod & Associates, our Estate Planning expertise includes, Wills and Trusts, Estate Administration and Probate, Powers of Attorney preparation, Beneficiary Designation coordination, and more. Call us today at (585) 203-1020 for a complimentary review of your current estate plan.