It is not uncommon for career professionals to experience significant changes throughout their careers and personal lives. They might start a business, receive a promotion, make investments or grow their family; all of these things can affect the long-term goals of a person.
Regular reviews may help ensure that an estate plan continues to provide the protection, control and flexibility a person wants.
Significant changes may require updates
Life does not stay the same. Personal and financial circumstances change over time. Estate planning documents may need to be reviewed to make sure they align with future objectives. Some examples of events that may require us to review the estate planning documents include:
- Marriage, divorce and remarriage
- Birth of a child or a grandchild
- Starting, acquiring or selling a business
- Purchase or sale of real estate
- Any major career change or retirement
- Significant changes in wealth
Even a detailed, well-crafted estate plan could benefit from adjustments when major life events happen.
Growing wealth can create new planning needs
As wealth and assets grow over time, estate planning considerations often become more complex. Professionals who have accumulated investment accounts, real estate, business interests or other valuable assets may face planning issues that did not exist when their plans were first created.
Periodic reviews can help determine whether current strategies still support an individual’s goals. They can help determine whether the plan still reflects a person’s needs.
Family priorities can change over time
Estate planning involves more than finances. It is also an opportunity to help protect loved ones and ensure that important decisions remain in trusted hands.
Over time, relationships, responsibilities and family needs might change. Individuals chosen to serve as executors, trustees or agents under a power of attorney may no longer be the best fit.
Reviewing these documents from time to time can help ensure that key roles have people who are capable of carrying out those responsibilities.
Protecting what you have built
For many professionals, an estate plan is more than just legal paperwork. It could reflect the effort put into building their career, supporting families and creating financial security. A thoughtful plan can help protect those achievements while ensuring that personal wishes are honored in the future.
Taking time to revisit an estate plan from time to time may help identify outdated provisions, address circumstances that might have changed and provide confidence that years of hard work will continue to benefit future generations.