Your estate plan is successfully implemented. Now you are done, right? Wrong. There is still one critical step that remains: carrying out a periodic review and update. This is important because, let’s face it, life is not predictable. Things change. People retire, people get divorced, people move, people die, laws change, the stock market fluctuates, and much more! And each one of these individual circumstances can have a major impact on your estate.
A periodic review can give you peace of mind. And how often should you conduct a review of your estate plan?
Large Estates: Those of you with large estates should review your estate plan annually.
Small Estates: Those of you with smaller estates should review your estate plan every five years, minimum.
Major Life Events: Aside from the above recommended reviews, you should also look at your estate plan after any major life event, including:
• Changes in estate valuation
• Economic changes
• Changes in occupation or employment
• Changes in family situations
• Changes in your closely held business interest
• Changes in the estate plan
• Major transactions
• Changes in insurance coverage
• Death of trustee/executor/guardian
• Other important changes
If you have any questions about what you have just read, or if you would like to know more about trusts and retirement planning, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!
We help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.
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