It may be time for your estate plan to come in for a checkup. As the seasons turn to spring, most of us have already completed preparing our federal and state tax forms. We know where we stand and hopefully we planned well and have not provided a free loan to the government during the year.
We may have already arranged to meet our accountants to make sure we can use all of our proper deductions for this financial year. We should also arrange to review our existing estate plans from time to time.
If some time has passed since you first set up your estate, many things may have changed. Just as your accountant will often ask what has changed in the last year, so will your estate planning attorney. You may have bought and sold real estate or automobiles. Children may have already completed their educations or begun families of their own. If there are new grandchildren, how will this change your plans?
Despite the fluctuations of recent years, over the course of time most real estate has gone up in value. It may be in your better interest to have current appraisals for your holdings. Likewise, you should provide recent statements for your investment accounts. Having taken a complete inventory of your current assets, you and your estate planning attorney can make plans that will best fulfill your wishes and take care of your family.
Just as you make time to assess your position year to year, it is time well spent to look at the sum of your life’s accomplishments and revamp your current estate plan as needed. You will be glad you did.