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Is it Time to Review (and Tweak) Your Estate Plan?


When it comes to your finances it’s easy to focus on the here and now. Just the same, you may have a plan for saving for the future (such as for retirement). However, it’s much more difficult to create an estate plan with the idea of passing your assets onto someone else upon your death.

While it may not be the most exciting thing you do from a financial planning perspective, here’s something you need to know: a comprehensive estate plan will give you the peace of mind you and your family deserve.

At some point, you may realize that the estate plan you created in the past is no longer good enough. Sure, you have the basics in place, but you need to make some changes to ensure that everything continues to check out in the future.

Here are three times when you should review your estate plan with an eye toward making some key adjustments:

•    The passing of time. Simply put, you should get into the habit of reviewing your estate plan as the years go by. Things can and will change, and you must make sure your estate plan keeps pace with the rest of your life.
•    Marriage or divorce. Did you recently tie the knot? Did you decide to dissolve your marriage? Either way, your estate plan is sure to be impacted. Don’t hesitate to review the plan you have in place, all with the idea of making changes that will better suit you in your new life.
•    The birth (or adoption) of a child. There is nothing more exciting than bringing a child into the world. When this happens you’ll soon realize that your priorities change. It’s imperative that you adjust your estate plan accordingly. This can mean many things, from naming a guardian to ensuring that he or she is listed as a beneficiary.

It’s better to be safe than sorry when it comes to estate planning. For this reason, don’t hesitate to review and tweak your plan as necessary.

When was the last time you reviewed your estate plan? Did you make any changes at that time?

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Comments 1

Frank on Saturday, 19 May 2018 14:35

I will say I don't have an estate plan. What age do you think you need one by and how much AUM should you have?

I will say I don't have an estate plan. What age do you think you need one by and how much AUM should you have?
Tuesday, 14 July 2020

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