What has changed in your life within the last year? Are your priorities and goals different today than they were last spring?
How might these changes impact your plans for the distribution of your estate? Would you want the same distributions as you did when you set up your will or trust? Will your goals for the care of your family, continued gifts to ministry, or managing the special needs of a loved one be met by your current estate plan?
Estate planning is not a one-and-done activity. Just as a child’s needs can shift as they grow up, the needs you address through your estate plan can change over time. The management and distribution of your estate can only accomplish your desires if your estate plan clearly outlines those desires.
Periodic review is important to keep your plans up-to-date. A good rule of thumb is to schedule a review of your estate plan every three years. Here are a few questions that may help you pinpoint the need for a review:
- Have children become adults, changing your distribution desires?
- Have tax laws changed since you last reviewed your estate plan?
- Have your charitable interests changed since your will was drafted?
- Has the size of your estate increased, resulting in a need for additional planning?
- Does your present estate plan provide for management of property in case of disability prior to death?
Perhaps you created your plan more than three years ago, or perhaps you’ve identified via these questions that you need to make some changes. Consider adding “updating the estate plan” to your spring cleaning to-do list.
