Monday, December 21, 2015

Why So Many People Update Their Estate Plans Every Five Years

A common question from many of our clients involves identifying the right timeframe for updating an estate plan.
Generally speaking, there are three reasons whey plans should be updated on an approximate five-year cycle:
  1. Changes in law, including tax laws
  2. Changes in family situation
  3. Changes in financial position
In some cases updates should be made more frequently, such as when changes in family situation occur including births, marriages, deaths, and so on. But generally speaking a five-year updating cycle is a good target.