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8 Reasons to Review Your Estate Plan Regularly

Posted by Joel Beck | Jan 06, 2025 | 0 Comments

Estate planning is one of the most thoughtful steps you can take to protect your legacy and provide for your family. But having a plan in place isn't the finish line it's just the beginning. Life is unpredictable, and as circumstances change, your estate plan should adapt to reflect your current wishes and needs.

At Peach State Wills & Trusts, we've worked with countless families across Georgia to create estate plans that protect their future. Our commitment goes beyond the initial setup; we believe in helping clients keep their plans up-to-date and effective.

In this blog, we'll walk you through why reviewing your estate plan regularly is essential, outlining key scenarios that may call for adjustments.

1. Life Changes

Life has a way of keeping us on our toes, doesn't it? Major events can shift priorities and create the need to update your estate plan. Here are some examples of how life's twists and turns might call for a fresh look:

Family Dynamics

Marriage, divorce, or remarriage can dramatically impact your estate plan. You might need to update beneficiaries, guardians, or even executors to reflect new relationships. Similarly, welcoming a child through birth or adoption means ensuring they're properly included in your plan. Sadly, the loss of a spouse, beneficiary, or executor may also require adjustments. And as your children reach adulthood, it's worth considering how their roles or responsibilities might change.

Financial Situation

Significant shifts in your financial landscape—such as acquiring new assets, paying off debts, or receiving an inheritance—can necessitate updates. Retirement is another key moment to reevaluate your plan to ensure your savings and investments align with your future goals. If you've started or sold a business, those changes should also be reflected in your estate planning documents.

Relocation

Moving to a new state? It's important to revisit your estate plan since laws vary significantly across state lines. New Georgia residents, for example, might encounter specific legal nuances that require adjustments to ensure their plan remains effective.

2. Legal and Tax Updates

Laws are always changing, and staying informed is crucial to keeping your estate plan effective and compliant.

Changes in Laws

Federal and state laws governing estate planning often shift. For example, Georgia-specific legislation or updates to federal estate tax laws might affect how your assets are handled. Regular reviews help you stay ahead of any changes that could impact your plan's effectiveness or your family's financial well-being.

Tax Law Updates

Changes in estate tax, inheritance tax, or gift tax laws can directly affect your planning strategy. Staying up to date ensures your plan takes full advantage of current laws, minimizing tax burdens and maximizing the legacy you leave behind.

3. Personal Preferences

Your preferences for who manages your estate or benefits from it might evolve over time.

Beneficiary Updates

As relationships change, you may want to revise your beneficiary list. Perhaps a child has demonstrated financial responsibility, or you've welcomed new family members. You might also wish to remove beneficiaries if circumstances have shifted.

Executor or Trustee Changes

The individuals you've chosen to oversee your estate may no longer be the best fit. Whether they've moved away, become unavailable, or you've simply had a change of heart, updating executors and trustees ensures your plan remains in capable hands.

4. Asset Protection

Estate planning isn't just about distributing assets—it's also about protecting them.

Special Needs Planning

If you have beneficiaries with special needs or chronic illnesses, your plan should include trusts or other tools to ensure their long-term care without jeopardizing government assistance. Addressing these details is vital for their financial security.

5. Business Succession

For business owners, a clear succession plan is critical. Whether you're transferring ownership to a family member, selling the business, or preparing for retirement, your estate plan should outline your intentions to avoid confusion and ensure a smooth transition.

6. Regular Maintenance

Even without major changes in your life, your estate plan benefits from periodic check-ins.

Periodic Review

We recommend reviewing your estate plan every 3-5 years. This proactive step helps you catch any gaps or outdated information before they become problems.

Document Updates

Keeping your estate documents current—from wills and trusts to healthcare directives and powers of attorney—ensures they reflect your present-day wishes and circumstances.

7. Technological Advancements

Digital assets—like social media accounts, online banking, or cryptocurrency—are a growing part of many estates. Georgia's laws on digital assets highlight the need to account for these items in your estate plan. Properly addressing them ensures they're distributed according to your wishes.

8. Peace of Mind

Reviewing your estate plan is about more than logistics—it's about peace of mind. Keeping your plan aligned with your current wishes can prevent disputes among beneficiaries and provide clarity during challenging times. It's a way to protect both your legacy and your loved ones.

Georgia Residents: Secure Your Future with a Comprehensive Estate Plan Review

At Peach State Wills & Trusts, we're here to help you keep your estate plan current and effective. Whether it's time for a routine review or a major update, our team is ready to provide personalized guidance tailored to your needs. If you have any questions about estate planning in Georgia, you can download our free guide here, no strings attached.

Don't wait to protect your legacy. Call us today at 678-344-5342 or visit our Contact Us page to schedule a consultation. Together, we'll ensure your plan provides the security and peace of mind you deserve.

About the Author

Joel Beck

Joel Beck founded The Beck Law Firm, LLC in 2007. His firm focused on business law and estate planning needs of clients, two areas that he was drawn to based upon personal and business experiences in his life, including a ten-year career at NASD (now known as FINRA).

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At Peach State Wills and Trusts, a division of The Beck Law Firm, LLC, we're committed to answering your questions about wills, trusts, powers of attorney, healthcare directives, uncontested probate, and business planning issues in Georgia.

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