The Importance of Reviewing Your Estate Plan: A Family’s Lesson in Staying Current

Jack and Sarah had created their estate plan ten years ago. At the time, they thought they had everything figured out. They felt confident knowing their two children would be cared for if something happened to them. But as the years passed, life changed. They welcomed a third child, Jack switched jobs, and their financial situation improved significantly.

Despite these changes, they never revisited their estate plan.

It wasn’t until a conversation with friends that they realized how outdated their plan was. Jack’s friend mentioned a new tax law that could affect estates and asked if they had updated their plan recently. Jack and Sarah froze. They hadn’t even thought about how their new circumstances might impact their estate.

The next day, they called Andrew Jaloza to schedule a review of their estate plan. During the meeting, Andrew pointed out several key updates they needed:

• Adding Their New Child: Their original will didn’t account for their third child. Without updating it, their youngest child might not have been properly provided for.
• Revisiting Their Financial Situation: Jack and Sarah’s assets had grown significantly since they first created their plan. Andrew helped them adjust their estate plan to reflect their new wealth, incorporating trusts to protect their assets and reduce taxes.
• Updating Beneficiaries: Some of their original beneficiaries had passed away, while others’ roles in their lives had changed. Andrew helped them update their list of beneficiaries to ensure their wishes were respected.
• Adjusting for Legal Changes: Andrew also reviewed new tax laws that affected estates like theirs. By updating their plan, Jack and Sarah avoided potential tax issues that could have reduced the inheritance their children would receive.

By the end of the review, Jack and Sarah were grateful they hadn’t waited any longer. Their updated plan gave them peace of mind, knowing that it now reflected their current life and future goals.

If it’s been a while since you reviewed your estate plan, take action today. Life changes, and your plan should, too. Register for a workshop here or schedule a consultation to ensure your plan is always current.