When Should You Review Your Trust?
March 8, 2022 | Sage Capone
Your dynamic living instructions, meaning your voice – can only be changed while you are alive. Estate Plans are irrevocable, so it is important today’s plans reflect your future intentions. Life is constantly changing and evolving; therefore, you need to set a model of when to re-evaluate your finances and estate plan.
There will be different times and reasons why you need to review certain aspects of your estate plan. The best advice would be to evaluate after a major life event, annually during your tax assessments or every couple of years.
However, life can tend to throw you a curve ball and cause unexpected triggers for change. Here are some of the moments in life that cause reason to reassess your estate plan:
Family:
- Personal marital status change or that of your heirs
- Death of spouse, family member or incapacitated
- Family growth through birth or adoption
- New dependent on you
Income/Assets:
- Inheritance, gift or windfall received
- Significant gift donated
- Asset change or significant funds borrowed or lent
- Retirement, income or employment change
- Concern of an impending lawsuit
Lifestyle:
- Change of residency
- Purchase or ownership of new land/business
- Change of appointees (power of attorney, trustee/trustees, beneficiaries or guardians)
- Medical condition or illness specifying end of life decisions
Reviewing your estate plan regularly provides peace of mind and enables you to stay up to date of any significant changes in your personal and financial plans. Don’t leave it up to someone else to make your decisions, now is the time to set up your wishes and goals for the future. Estate Planning Consultants of Hawaii has helped more than 2,000 families set up a plan. Estate Plans are powerful and impactful tools and are so easy to set up and review while you are alive.