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How Often Should You Reevaluate Your Estate Plan?

Posted by Dana Law Group on February 4, 2023

You have worked hard to provide for your family, and when you pass away, you want as many of your assets to be passed down to your heirs as possible. That means you need to have a comprehensive estate plan in place that can help you avoid estate taxes. While you might have an estate plan right now, your needs may change over time. You might have grandchildren, your children might get married, or your assets could shift. As a result, you may need to reevaluate your estate plan. How often should you reevaluate your estate plan? It depends on your life circumstances, but there are a few important points to keep in mind.

Is There a Major Life Event?

If there is a major event that takes place in your life, you need to reevaluate your estate plan. There are a few examples of major life events you may want to consider. For example, if your children give birth to grandchildren, and you want to include them in the estate plan, you may want to make some changes.

Or, if you sell your property and move somewhere else, you may need to update your estate plan to reflect that change. If there is something major that happens in your life, you need to adjust your estate plan accordingly.

Are You Getting Older?

If you put together your estate plan when you are relatively young, you may only need to reevaluate it every few years. On the other hand, as you get older, you may need to review your estate plan more often. For example, after you retire, you may want to sit down with your executor or attorney to review your estate plan annually. That way, if something happens, you know that your affairs are already in order.

If you are looking for an experienced professional who can help you with your estate plan, look no further than the Dana Law Group.

Work With the Dana Law Group To Ensure Your Estate Plan Is In Order

You want to make sure that your assets are passed down to the people who you want to have them. That means that you need to have an estate plan. We are the Dana Law Group, and we have already helped countless families make sure that their estate plans are in order. Now, it would be our pleasure to help you. If you would like to learn more about the importance of having an estate plan, contact us today to schedule a consultation.