The Importance of Annual Estate Planning Reviews

Estate planning is not a one-time event but an ongoing process. Life events such as marriage, birth, divorce, and changes in financial status can significantly impact your estate plans. Annual reviews ensure your intentions are accurately represented and legally sound.

Why Annual Reviews Matter

The complexity of life and law means regular check-ups are vital. An annual review helps catch changes that might affect your estate plan, ensuring your assets are distributed according to your current wishes, your plan uses the most effective strategies given current laws and tax codes, and your appointed executors, trustees, and guardians are still the best choices for their roles.

Key Areas to Review

Personal Circumstances

Marriage, divorce, births, deaths, and changes in relationships can all affect who should benefit from your estate and who should make decisions on your behalf.

Executor and Trustee Designations

The individuals you've designated may need to change due to altered relationships, their own incapacity, or your reassessment of their suitability.

Healthcare Directives

Changes in your health condition might necessitate updates to your living will or healthcare power of attorney.

Financial Portfolio

As investments evolve, your estate plan should reflect changes such as new real estate purchases, stock acquisitions, or business interests.

Digital Assets

Digital assets — including social media accounts, digital currencies, and electronic communications — should be addressed in your estate plan. Deciding who will manage these assets after your death is increasingly important.

Changes in Law

Tax laws and estate planning regulations change frequently. An annual review with your attorney ensures your plan takes advantage of current opportunities and complies with current requirements.

Don't wait to ensure your estate plan reflects your current wishes. Contact Ament Law Group at (724) 733-3500 for your annual estate planning review.