Legal Blog
The Weekly Scenario: Getting Estate Planning Documents Reviewed Periodically
Question: I had my estate planning documents prepared several years ago. Do I need to have them reviewed periodically?
Answer: If you’re like most people, your personal and financial situation today is much different than it was when your children were babies….or your financial situation today is very different than it was after college. With that being said, unfortunately, it’s just wishful thinking to believe that once a Will or Trust is drafted, it rarely has to be revised.
Estate planning is really a lifetime plan and it will always evolve as your life changes (birth, death, divorce, remarriage, changes in finances, etc). Estate planning is an ever-evolving process that is intended to capture the dynamics of your specific situation along with changes in the law.
Your Wills, Trusts and other estate planning documents should be reviewed periodically – every 3-5 years – to be sure that your plan is on target.
As always, if you have any questions or would like to learn more, please contact Steve Shane at sshane@offitkurman.com or .
ABOUT STEVE SHANE
Steve Shane provides strategic counseling to clients in need of estate administration, charitable giving and business continuity planning while minimizing estate, gift, and generation-skipping transfer tax exposure. He offers legal guidance to clients on asset protection and the proper disposition of assets in accordance with the client’s objectives, while employing tax planning techniques such as the use of irrevocable trusts, life insurance planning, lifetime gifts, and charitable trust. He is also experienced with drafting documents for business planning, the incorporation, and application for exemption for Private Foundations and the administration of decedents’ estates.
ABOUT OFFIT KURMAN
Offit Kurman is one of the fastest-growing full-service law firms in the United States. With over 200 attorneys in 14 offices that stretch from New York to North Carolina, we represent privately-held companies and families of wealth throughout their business life cycles. Our mission is to provide our clients with “The Better Way” to grow their organizations, protect their businesses’ and families’ wealth, and resolve their most challenging legal conflicts. In addition to our quality of attorneys and breadth of legal services, Offit Kurman is distinguished by our unique operational structure, which encourages collaboration rather than internal competition. The same approach that makes our firm attractive to legal practitioners gives clients unlimited access to experienced counsel in every area of the law. Trust, Knowledge, Confidence—in a partner, that’s perfect.
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