Have you ever wondered how you would know if it’s already time to update your Estate Plan?
How you would know if it’s time to update your Estate Plan:
-Estate Plan should be updated for the only reason around, Change. If everything is the same like nothing changes, there’s nothing to do with it.
From my experience there are 3 main areas of change that you need to be aware of in order to know if it’s time to re-visit your estate plan:
• Tax Law
What’s the Rule of Thumb?
• If you have not look at your Estate Plan for at least 3 years, it’s time to dust it off.
Every 3 years with maximum of 5 years, that’s the time to meet with your team, review everything if their have been changes in the tax law, if there’s significant changes in your personal wealth or have their been changes in your family situation that would warrant updating your documents
A simply exercise for you to know what you need to do and what to look for to update your Estate Plan:
• When was your plan last updated?
• What are your Legacy Goal(s)
• Is your money exposed to potential state/ federal estate tax?
• Does your Plan address probate?
• Who will take care of your children?
• Stay on top of your plan, revisit when appropriate and work with highly capable Estate Planning lawyers that Communicate well.
Check out the video for a deep dive into how you would know if it’s time for you to update your Estate Plan.
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Stress Testing: Are you 100 percent sure everything in your financial and wealth plans will deliver as promised?