Your estate plan is a vital tool that ensures your wishes are honored and your loved ones are taken care of when you’re no longer able to do so. It’s generally advisable to review it every three to five years. However, life is full of changes and unexpected events. Changes in relationships, financial circumstances as well as new laws and taxes could all have an impact on your estate plan.
Here are five reasons why you should prioritize a review of your Estate Plan.
1. Protect Your Loved Ones
Your estate plan outlines how your assets and belongings will be distributed among your family members, friends, or charitable organizations. By reviewing and updating your plan, you can ensure that your loved ones are adequately provided for and that your assets are distributed according to your wishes.
2. Adapt to Life Changes
Life is constantly evolving, and major life events such as marriage, divorce, the birth of a child, or the passing of a loved one can significantly impact your estate plan. Reviewing your plan allows you to make changes, add or remove beneficiaries, and update your Executor or Attorney to align with your current circumstances.
3. Minimize Taxes and Expenses
An outdated estate plan may not take advantage of potential tax-saving strategies or fail to account for changes in tax laws. By reviewing your plan, you can identify opportunities to minimize taxes and expenses, ensuring that more of your assets are preserved for your beneficiaries.
4. Ensure Healthcare and End-of-Life Wishes
Your estate plan includes important documents like a living will, healthcare proxy, and power of attorney that determine your healthcare decisions and appoint trusted individuals to make choices on your behalf. Regularly reviewing and updating these documents ensures that your preferences are accurately reflected, giving you control over critical medical and end-of-life choices.
5. Protect Your Business and Assets
If you own a business or have complex financial arrangements, your estate plan plays a crucial role in the seamless transition of these assets. By reviewing your plan, you can address succession planning, identify key individuals to take over business operations, and implement strategies to protect your assets.
Taking the time to review your estate plan allows you to safeguard your legacy, protect your loved ones, and ensure that your wishes are carried out effectively. We encourage you to consult with an experienced estate planning professional who can guide you through the process and provide personalized advice based on your unique circumstances.
Contact American National Bank’s Wealth Management Team!
Don’t wait for uncertainty to strike. Take control of your legacy today by reviewing your estate plan or making an appointment with one of our Local Trust Officers. Your loved ones will thank you for it. Learn more about our Trust and Estates services. Contact one of our wealth management professionals near you in Virginia and North Carolina!