Question By: Reviewing your estate plan annually is crucial to ensure it remains aligned with your current wishes, financial situation, and legal requirements. Life changes such as marriage, divorce, the birth of a child, or changes in financial status can significantly impact your estate plan. Regular reviews help ensure that your assets are distributed according to your latest intentions and that your beneficiaries, trustees, and executors are up-to-date.
Additionally, annual reviews allow you to stay compliant with evolving laws and regulations, which can affect estate taxes and asset protection. This proactive approach can prevent potential conflicts among heirs, minimize tax liabilities, and ensure a smooth transition of your estate. Overall, an annual review safeguards your legacy and provides peace of mind that your affairs are in order.
For residents of Cook County seeking to ensure their estate plans are up-to-date and reflective of their current needs, Orlowsky & Wilson are here to help. For more details, visit: https://orlowskywilson.com/the-importance-of-reviewing-your-estate-plan-annually/.
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