hand giving another hand a lemon

Time to Renew Your Estate Plan?

An estate plan is crucial for managing it until distribution and protecting against fraud. However, simply creating an estate plan is not enough – it requires periodic review and updates to ensure it remains current and effective.

Why Should You Review Your Estate Plan?

All sections of your estate plan should be reviewed periodically to ensure they still align with your wishes and circumstances. Even if there haven’t been any major life changes, it is recommended to review your entire estate plan every three years at the very least. However, there are situations where a review and update may be necessary sooner:

  • Changes in Circumstances: If there have been changes in your circumstances that affect how you wish to gift your property or the relationship with your beneficiaries, a review is necessary.
  • Changes in Relationships: Marriage, divorce, birth of a child, or death of a beneficiary may require an update to your estate plan.
  • Changes in Financial Status: If your personal wealth or financial status has significantly increased or decreased, it may warrant a review of your estate plan.
  • Legal Changes: Significant changes in tax laws or laws governing property trusts and probate may necessitate an update to your estate plan to ensure compliance.
  • The Importance of Regular Reviews
  • Regularly reviewing and updating your estate plan provides peace of mind and reassurance that your wishes will be fulfilled in the future. By keeping your estate plan current, you can:
    • Ensure your beneficiaries are properly provided for.
    • Adjust the roles of trustees, executors, or other representatives as needed.
    • Adapt to changes in your family or personal circumstances.
    • Take advantage of new planning opportunities or strategies.
    • Stay up-to-date with changes in laws and regulations.

If you have not yet created an estate plan, or if it’s time for an update, it is important to consult with professionals experienced in estate planning. They can help you develop a plan that reflects your family’s needs and wishes.

Contact us at Cannon Legal Firm for a FREE no-obligation consultation if you have any questions or concerns about your estate plan. We are here to provide guidance, review your plan, and ensure the future financial security and well-being of those you care about most.