Many people believe that once an estate plan is created, the work is done for good. However, at Performance Group, we see estate planning as a dynamic, ongoing process, not a one-time task. A plan that was perfect five years ago might not reflect your current wishes or financial situation today. Regularly reviewing and updating this crucial document ensures that your legacy is protected and handled exactly as you intend.
The Importance of Updating Your Estate Plan Regularly
Major Life Events: Marriage, Divorce, or New Children
Significant life events are primary triggers for an estate plan review. A new marriage, the birth of a child or grandchild, a divorce, or the death of a spouse all have profound impacts on your family structure. Each of these events necessitates updating your beneficiaries, guardians, and executors to reflect your new reality and ensure all loved ones are accounted for.
Significant Changes in Financial Status
Your financial picture is closely linked to both your retirement planning and your estate plan. If you’ve recently sold a business, acquired new property, received an inheritance, or experienced significant growth in your investments, your plan needs to be updated. A review ensures your assets are structured efficiently for tax purposes and distributed according to your wishes.
Changes in Your Wishes or Beneficiaries
As time passes, your relationships and priorities can evolve. You may decide to include a new beneficiary, such as a charity or a close friend, or you may need to reconsider the individuals you’ve named as your executor or power of attorney. Our estate planning services can help you formalize these changes, ensuring the people you trust are in place.
Evolving Laws and Regulations
State and federal tax laws are not static. Changes in estate tax exemptions, inheritance laws, or other regulations can have a significant impact on the effectiveness of your plan. A regular review with a professional ensures your plan remains compliant and takes advantage of any new laws that can benefit your estate and your beneficiaries.
Your estate plan is too important to be left on a shelf to gather dust. At Performance Group, our estate services include proactive reviews to ensure your plan always reflects your life and wishes. Contact our team to schedule your complimentary check-up today.