How often should I review my Will?

A commonly asked question with a simple answer.

If your current Will no longer reflects your values and objectives, it’s important to review and revise it. Many people have outdated plans or no plans at all.

Both internal and external life factors can impact your situation or goals, leaving your Will outdated.

Four Common Personal Changes:
  1. Net worth changes
    savings or stock growth, receipt of an inheritance
  2. Family dynamic changes
    marriage, divorce, passing of family members and more
  3. People change
    does your power of attorney still make sense for you?
  4. Goals and objectives change
    as you feel more secure, your focus may shift to impact the world around you

External Changes from Our Environment:
Estate tax laws
these changes are outside of our control, often related to the federal government

Estate planning methodology
your advisor(s) can be a trove of information to keep you safe and intentional in your planning

A good rule of thumb is to consult with your advisers about potential changes every three to five years. During this review, your advisor might uncover internal changes you hadn’t thought about or tax law changes that could benefit you today.

If you haven’t reviewed your estate planning documents recently, the time to do so is now!

While OMHF does not provide legal or tax advice, we are happy to help connect you to planning resources that best fit your gift planning circumstances. We are here to help! 937-525-5248

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