Reviewing Estate Plans

Articles in popular publications routinely warn readers about the very thing we have been telling our clients for years: review your estate planning documents at least once per year!

BASIC ESTATE PLANNING DOCUMENTS INCLUDE:

• Wills
  
• Trusts
• Beneficiary Forms
• (Insurance, Retirement Plans, Accounts)
• Powers of Attorney
• (Durable, Health Care Directives)
• Letters of Instruction
• (For Your Trustee, Executor and/or Heirs)
• Anything Else You Have to Provide For and Protect Your Loved Ones!

Failure to review estate planning documents can spell disaster for your beneficiaries yet this failure is surprisingly common. One example is a client who recently discovered that the trust her husband set up contains provisions that conflict with their most recent financial plan and distribution goals.

Unfortunately, he passed away and she is now stuck with the flawed trust terms. The trust was drafted about 25 years ago but they never reviewed the trust terms despite the fact that several life changing events occurred and their planning strategies changed. Sadly, this oversight resulted in irreparable and unintended results for their beneficiaries.

Even though you cannot predict what will happen and when it will happen, you can adjust your estate plan as needed. Make sure you consult with your personal Wealth Preservation Consultant, accountant, attorney or other professional advisor when any life changing event occurs or new legislation affects your tax and estate planning. Always ensure your assets flow the way you want them to and in the most tax efficient manner.