As tax season rolls around, many of us are already digging through important financial documents, reviewing accounts, and taking stock of our financial situation. Since you’re already in the mindset of organizing essential paperwork, now is the perfect time to review your estate plan and ensure it still aligns with your current wishes.
Why Review Your Estate Plan Annually?
Life moves fast, and circumstances change. A yearly check-in on your estate plan ensures that your documents reflect your most up-to-date intentions. Consider asking yourself the following questions:
- Are your beneficiaries still correct? Have there been any marriages, divorces, births, or deaths in your family that might affect who you want to inherit your assets?
- Do you still trust the individuals named as your executor, trustee, or agent? Circumstances and relationships change—make sure the people you’ve chosen to handle your affairs are still the best fit.
- Have family dynamics shifted? If relationships have evolved over the past year, you may want to reconsider aspects of your estate plan to prevent potential conflicts.
- Do your assets or financial situation look different than last year? If you’ve acquired new property, started a business, or made significant financial changes, your estate plan may need an update.
How to Incorporate an Estate Plan Review Into Your Routine
Tax season provides a natural annual checkpoint to review your estate plan. Since you’re already gathering financial records, set aside some time to go over your will, trust, powers of attorney, and beneficiary designations. If you notice anything that needs updating, reach out to your estate planning attorney for guidance. Our initial consultations are free, so we are happy to advise whether an update is actually necessary.
Don’t Have an Estate Plan? Now is a Great Time to Start!
If you haven’t yet created an estate plan, consider using part of your tax refund to establish one. Having a solid estate plan in place provides peace of mind for you and your loved ones, ensuring that your assets are protected and distributed according to your wishes.
At Windrose Law Center, we help individuals and families create customized estate plans that fit their unique needs. Whether you need a simple will or a comprehensive trust-based plan, we’re here to guide you through the process.
Take Action Today
Use this tax season as a reminder to keep your estate plan up to date. If you need to make changes or start fresh with a new plan, contact Windrose Law Center to schedule a consultation. We’ll help ensure that your estate plan reflects your current wishes and provides security for the future.
Don’t wait—make sure your estate plan is still working for you and your loved ones!