Everyone handles their estate planning and finances differently, but it’s a good idea to set up a schedule so that you can review your estate plan and financial goals at the same time. While there is no real schedule that sets a required time to review your estate planning documents, it’s smart to go over them when you’re taking a look at your finances and goals for the next year or two.
Why review your finances and estate plan at the same time? Many of the changes that you’ll be making, if you make any at all, could influence your estate plan and vice-versa. You may find that your estate is valuable enough to be at risk of taxation and need to take steps to minimize its value, or you may have personal changes in your life that have to be addressed in your estate plan.
Making planning a priority helps protect you in the long term
Making it a priority for you to look over your financial plans and goals with your estate plan helps you protect yourself by being proactive. You’re establishing a precedent that you will be on top of changes in your life and go through general reviews even when not much may have changed. A cursory overview of your estate plan may take only minutes and help you refresh yourself on what it contains. Similarly, a quick flip through your finances may help you understand if you need to do further planning to protect the assets you now have in your possession.
If there’s no established review timeline, how often do you need to review your documents?
It’s really up to you, but it’s not a bad idea to review the laws and regulations that may have changed at the beginning of each year. If you don’t want to stay on top of changes like that, you may want to talk to your attorney about reaching out to you if there are any major changes that could negatively impact your estate or require you to update your documents in some way.
Financial and estate planning reviews are helpful and keep you focused on your end goals. Take the time to plan well now, so you can feel confident in those plans over time.