It's the start of a new year, and I know for some people they have been putting off doing a Will or Trust, and their 2020 New Year's Resolution is to get it done! But for others, they already have their estate planning in place; they think it's all done and over with and don't need to revisit them ever.
However, in order for your estate planning documents to properly achieve the three objectives of an estate plan (1) distribution to the proper parties, 2) proper management until such distribution and preservation and 3) protection from probate fees and estate taxes) you should periodically review and update as appropriate or necessary. We recommend that you review your entire estate plan a minimum of every 3 years.
If any of the events below occur, it’s a good idea to review them even sooner:
Should you require our assistance in reviewing and updating your estate plan, please give us a call.
About the Author
Christine Chung, Esq.