We are already a full month into 2023. Can you believe it? It is difficult even for us to fathom, and if you are like many people, you are likely looking at your list of New Year’s resolutions and thinking, “Boy … I still have a lot of work to do.” And that is OK — it will take time to accomplish all those goals. All we can say is that we hope getting your estate plan reviewed is somewhere on that list. 

While wills, trusts, and similar legal documents might not be high on your New Year’s goals, especially if you already worked with us a few years back to get a plan in place, the last thing you want to do is let too much time go by before updating them again.

Your Estate Plan Should Be Reviewed Every Three Years

Once you create an estate plan, it is easy to just file it away in a drawer and assume you and your loved ones are covered for every possible future situation. The thing is, though, that is not always possible. Life throws us curveballs all the time. And even when times are good, life situations change — whether intended or not.

Babies are born. People get married, divorced, and remarried.

Your healthcare situation changes. A spouse passes away. You are blessed with a windfall of money.

And that is just the tip of the iceberg. Your needs and those of your family are fluid. So while it is great that you have an estate plan in place, have it reviewed every three years to ensure that it is current, expresses your wishes, and covers all your bases. 

How quickly can things change?

In a word — fast. When I meet with a client to go over what has happened in their family, I almost always discover new things that need to be changed or updated in their estate plan. In my book, Who Gets Your Stuff When You Die, I discuss the importance of this as well as a few basic questions to consider during this three-year review.

1. Does your trust or will protect the assets that your beneficiaries inherit against divorce, creditors, and lawsuits?
2. Do we need to discuss protecting your assets if you need to go into a nursing home?
3. Who will take care of your children if you cannot?
4. If your will or trust was prepared when the children were young, are their needs different now?
5. Are all your assets in the trust name? Have you recently purchased any assets that are not in the trust name?
6. Have there been any changes in your family?
7. Do you want to change the people who are named as executors and trustees?
8. Do you want to change any of the beneficiaries or how they receive property?

Call Leigh Hilton PLLC Today!!

How often should my estate plan be reviewed? Again, at least every three years. Some changes are predictable, though we still may not know how soon they will occur. Other changes are not so predictable. Either way, it is important to be prepared for as many situations as possible. Call Leigh Hilton PLLC in Denton, TX. We have ample experience and will take into consideration your particular situation. Proper planning of an estate, whether through a Will, Trust, or both, helps ensure your wishes are carried out. 

Leigh Hilton PLLC wants to be your first call every time for any estate planning need. We look forward to serving you.