It’s Important to Review Your Estate Plan Every Three Years

When was the last time you reviewed your estate plan? If it has been a while, it’s a good idea for you to make sure that as your life changes, your estate plan keeps up.

Morgan & DiSalvo highly recommends that our estate planning clients come in for an estate planning review at least every three years. A review gives us the opportunity to:

Factor in important life changes

It’s prudent for us to review your plan to ensure it still works the way it was originally intended in light of any changes in your family or finances. In many cases, no changes will be needed, but checking to make sure is a wise practice.

Update key documents

We recommend that your financial Power of Attorney (POA) and Advance Directive for Health Care documents be updated about every three years, which is considered an industry best practice. We want them to be easily accepted if and when they ever actually need to be used. In addition, state laws are modified from time to time, including for example, the complete change in Georgia’s Power of Attorney laws that took effect on July 1, 2017 and the numerous updates to those laws that took effect on July 1, 2018.

Consider updating not only to reflect changes in federal and state laws, but also to potentially simplify and improve your plan

During your review, we will want to look at any changes in state and federal laws that have occurred since your estate plan was last created or updated. While changes in the law may not mean that you have to change your documents, they may mean that you have new planning options that you may want to take advantage of. For example, massive changes to federal tax laws were made under the 2010, 2012, and 2017 Tax Acts, and significant changes were made to Georgia’s trust laws in 2018. For many, the new laws now permit new options that can allow estate planning to be made simpler and more beneficial for you and your family.

Morgan & DiSalvo is passionate about helping our clients develop plans for the future that they fully understand and feel good about. Together, we’ll safeguard what matters most to you. Contact us today at (678) 720-0750 or to schedule your estate plan review!

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