In the blog last week, we considered five (5) important reasons to review your estate plan, but there are even more reasons to review your estate plan annually. Remember — estate plans are dynamic and should evolve over time to stay in alignment with your current desires and circumstances. Thus, here are five (5) more compelling benefits of conducting annual estate plan reviews:
6. Philanthropic Goals: Charitable intentions can evolve over time. Whether it’s a newfound cause you’re passionate about or changes in your donation amounts, annual reviews ensure your philanthropic goals are current.
7. Decision-Makers’ Status: Individuals designated as executors, trustees, or agents under powers of attorney might experience changes in their lives. When those you trust have life changes, it could affect their ability or willingness to serve. Reassessing these designations ensures you and your legacy are in capable hands.
8. Enhanced Protection: Regularly revisiting your plan ensures protection against unforeseen challenges, such as potential creditors, lawsuits, or other financial vulnerabilities.
9. Refreshed Memory: Annual reviews serve as an excellent refresher, allowing you and key family members to stay familiar with the plan’s intricacies. When you review your plan frequently, it reduces uncertainties in times of crisis.
10. Peace of Mind: Perhaps the most profound benefit of keeping your estate plan is up-to-date is the relief and peace of mind knowing that your wishes will be honored and your loved ones cared for in the manner you desire.
While setting up an estate plan is a commendable first step, its real value is realized through regular evaluations and updates. An annual review ensures that the plan remains a true reflection of your wishes, offering security and clarity to both you and your beneficiaries. Contact us today at 281-759-3213 to schedule an appointment to create or review your estate plan.