Mistake #7 – Not Keeping Your Plan Up to Date

Every estate plan is based on the personal, family and financial situations, and tax laws, in effect at the time it was created. All of these will change over time, and your plan needs to change with them. It’s a good idea to review your plan every couple of years or so and make sure it still does what you want it to do. Your attorney will let you know when a tax law change might affect your plan, but you need to let your attorney know about other changes that could affect it. Without that regular communication with your attorney, they won’t know the changes in your family’s circumstances and you’ll miss hearing how the changes in the law affect your family.