Why You Should Review Your Estate Plan



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When was the last time you thought about your estate plan? If it has been more than a few years, it may be time for a review.  Below are a few of the many reasons it might makes sense to reexamine your estate plan periodically.

Major life changes

Did you recently become a parent or grandparent? Are you recently married, divorced, or widowed? Have you started a new business? These are some common events that would merit a review of your will and beneficiary designations.

Your children are grown

Have your children become adults? Many parents prepare their first will to protect their young children if something were to happen to them. At that time in your life, you most likely named friends and family members as the executors of your estate. If your children are now responsible adults, it may make more sense to amend your will (or write a codicil) to appoint your children as executor(s).

Changes in the law

There are often changes to the law that affect the way an estate would be distributed; some bigger than others. For example, the IRS has recently released new regulations which substantially reduce or eliminate the provisions that have made family limited partnerships a popular estate planning strategy for wealthy families.  This sort of change can significantly impact your plans.

Charitable Giving

Do you have new found charitable goals? Has your charity of choice changed? Adding a charity to your will is a great way to give back to causes you are passionate about.

In our meetings with clients, we regularly review wills, powers, trustees, executors, guardians, and beneficiaries.  We believe that having up-to-date estate documents that reflect your wishes is an important part of your overall financial plan.  If you would like to review this important piece of your financial plan, please contact us.  We would be happy to help.

Horizon Wealth Advisors
Horizon Wealth Advisors is a Houston-based, privately owned, fee-only financial advisor established in 1999. Our mission is to develop long-term relationships with thoughtful, successful individuals, families, and organizations by supporting and assisting them in achieving their financial goals.

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