How often should you update your estate strategy?

Here’s a question I always hear from people who come in for a consultation: How often should I update my estate strategy?

Here are some general guidelines, although everyone has unique financial circumstances. You might want to update your strategy in case of:

• Marriage or divorce within your family or heirs
• Births, adoptions, and death
• Any relocation, especially if you’re contemplating a move to another state
• If you have (or expect) to receive an inheritance or other windfall

Here are some other reasons to update your estate strategy:

• You’re experiencing a change in your health
• You have (or are contemplating) a business sale not covered in your existing estate strategy
• Changes in federal tax law
• Changes in state tax law
• You are thinking about changing your beneficiaries

If it's been a while, are you confident that your estate strategy proactively addresses potential challenges, seizes new opportunities, and optimizes the distribution of your assets according to your wishes? When you get your estate strategy together, many of my savvy clients hold a family meeting to explain how the estate is structured and your decisions.

I have helped guide these discussions and would be happy to show you that, whether it involves adjusting beneficiary designations or incorporating new wealth preservation strategies, staying proactive in updating your estate strategy can give you and your loved ones a feeling of satisfaction, knowing that a process is in place.

Estates are complicated. Some think they can do it alone and look to online resources for help. From experience, I can tell you that overlooking one key factor can cause headaches for your heirs when you aren’t present to explain your intentions. I’d welcome the opportunity to discuss how I can support you in reviewing and updating your estate strategy to tailor it to your current needs and objectives. Please let me know a convenient time for a consultation, and we can explore ways to enhance your estate strategy.