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Understanding Your Needs.
Exceeding Your Expectations.

Understanding Your Needs.
Exceeding Your Expectations.

Is tax time a good time to review your estate plan?

On Behalf of | Mar 19, 2020 | Estate Planning |

No matter what climate you live in, spring seems to be a good time to start a project – spring cleaning, restart failed or delayed New Year’s resolution, organize your stuff.

Spring brings a time to review the past and prepare for the future.  In addition to tax time and spring cleaning, spring may be a good time to review your estate plan.

As you get your tax documents ready, here are some reasons you may want to look at your estate plan, too.

Familiarity means no surprises

Since we are forced to attend to your tax return yearly, make it a habit to review your estate plan as well. It’s simply a matter of making the review a part of the routine that you are required to do yearly.  Just because you review your plan, does not mean you need to make changes. Taking a moment during tax season to review your plan can help you stay familiar with it; and of course, if changes are needed, you can attend to it.

Review changes

A lot can change in a year. During the year, aspects of your life that impact your estate plan could change, including:

  • Your relationships with your loved ones
  • Tax laws
  • Your financial situation or priorities

Talk to your loved ones

If you decide to make changes to your estate plan, talk to your loved ones about the changes. When they understand what changes you made and why, it can be easier for them when it comes time to execute your estate plan.

As you review your documents, it is helpful to talk to someone knowledgeable. Talking to a professional will help you make changes that are in line with your goals and avoid unintended consequences.