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It’s Time to Update Your Estate Plan
Estate-planning practitioners often emphasize the importance of regularly reviewing your estate plan and updating it to reflect changes in your financial and family circumstances.
The highest rates of inflation in over 40 years combined with rising interest rates, declining investment values, and an unstable housing market can potentially alter your financial circumstances much more than you realize. They also make it all the more important that you take the time to thoughtfully review the plans you put in place, particularly if you completed your estate planning many years ago.
If it has been years since you completed your estate planning, it is highly likely that your family circumstances may be different, sometimes much more so. The arrival of grandchildren, marital changes by your children, and health challenges of one or both spouses were most likely not contemplated when you did your original estate planning. All of these issues can be thoughtfully addressed when you review and update your estate plan.
If you included charitable gifts in your estate plan, are your gifts designated to be used for a purpose most compelling to you now? Ensuring that your gifts will be used according to your wishes is also an important reason to review and update your estate plan. |
