We believe that estate planning is a journey rather than a destination. We recommend that you review your estate plan personally on an annual basis and with your attorney at least every three (3) to five (5) years. Further, a review may be required if any of the following events occur:
- A substantial growth in your financial condition through appreciation, earnings, inheritance, or gift;
- A change in the marital status of any beneficiary;
- The death or disability of a beneficiary;
- A birth or adoption that results in a change in beneficiaries of your estate;
- Your acquisition of real property in another state;
- Your change of residence to another state;
- A change in your marital status;
- A serious illness or disability of you or any other family member;
- Changes in the support provided for parents, children, in-laws, or others;
- New financial problems of any family members;
- Changes to the amount of life insurance provided or beneficiaries of the insurance;
- Alterations to any aspect of your business ownership, including valuations, sales, and new ventures.
Additionally, it is important that you review all of your assets under which you can appoint a beneficiary upon your death. The assets under which you can appoint a beneficiary upon your death generally do not pass according to your Will if you have a named beneficiary.
The success of your estate plan requires the proper combination of legal documents, ownerships and titles, values, beneficiary designations, characteristics and wishes for your beneficiaries, along with an overall plan to distribute your property comprehensively and in a coordinated, effective manner.