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Review your estate plan regularly to ensure it aligns with your goals from "summary" of The Tax and Legal Playbook by Mark J. Kohler
As you work hard to build your estate plan, it's crucial to remember that it's not a one-and-done process. Just like a car needs regular maintenance to keep it running smoothly, your estate plan also needs to be reviewed regularly to ensure it's still in line with your goals. Life is constantly changing, and your estate plan needs to adapt to those changes. As you experience significant life events such as marriage, divorce, birth of children, or changes in financial circumstances, your estate plan may need to be adjusted accordingly. Failing to review and update your plan can result in unintended consequences that may not align with your wishes. By regularly reviewing your estate plan, you can ensure that your assets are distributed according to your wishes, minimize taxes, and protect your loved ones. It also gives you the opportunity to incorporate any new laws or regulations that may affect your plan. It's recommended to review your estate plan at least every three to five years, or more frequently if you experience any major life changes. Working with a qualified estate planning attorney can help you navigate the complexities of estate planning and ensure that your plan is up to date and aligned with your current goals. Don't wait until it's too late to review your estate plan. By staying proactive and regularly reviewing your plan, you can have peace of mind knowing that your wishes will be carried out as intended. So take the time to review your estate plan today and make any necessary adjustments to ensure it reflects your current goals and circumstances.
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