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Give Smart - The Best Laid Plans - Making Changes to Your Estate Plan

No matter how thorough your planning was, life happens. People come in and go out of your life, interests change, and a cause that was of great importance a few years ago may be obsolete today. Even if life is going swimmingly, with no major changes, it is good to go over your plan with your financial advisor at least every three to five years. It may be a bit of a hassle to go through your entire estate plan, but if you’ve had any of the following life events, a review may be in order.

  • The birth, adoption, or fostering of a child or grandchild.
  • When a child or grandchild reaches adulthood.
  • If there is a change in circumstances of the named guardian or executor.
  • If you get married or divorced.
  • If you purchase a home or other large asset.
  • If your philanthropic focus or financial goals change.
  • When there is a large change (either positive or negative) in the value of your assets.
  • When you change careers or open or close a business.
  • Changes in tax policies.

Reviewing your plan regularly with your professional advisor will ensure your financial and philanthropic goals are accomplished in accordance with your wishes, thus ensuring your beneficiaries receive their portions of your estate in a smooth and easy transition. It is best to update your plan as your life changes happen. Many people review their estate plans annually, semi-annually, or quarterly. Doing so will give you peace of mind knowing you have a solid, up-to-date plan that reflects your goals today and for the future. 

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