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Home / Estate Planning / Everyone Needs a Periodic Checkup

Everyone Needs a Periodic Checkup

November 11, 2021 by Brandon McGee

Compliments of the McGee Law Firm, Attorney Brandon McGee

Even the healthiest person needs a periodic medical checkup. Similarly, even the best estate plan needs periodic review. Even if you are in peak health today, a few years later some things may have changed that require a revisiting of your treatment plan. Maybe your blood pressure needs medication. Maybe you have high cholesterol, which is capable of being controlled with adjustments to diet or medication.

Like your health, your estate plan needs a periodic checkup. Here are some factors which might lead to a change in your estate plan.

  • Changes in the Law

In health, the laws of physics and chemistry do not change. However, changes in the law, both small and large, may have a large impact on your estate plan. For example, tax laws change frequently and your plan may need to be revised to minimize your tax liability. Non-tax laws also change periodically, opening the doors to new opportunities that were not available when your estate plan was drafted.

  • Changes in Your Life

Just as with your health, circumstances change. Maybe you had changes in your family circumstances, like marriage, divorce, or the birth of children or grandchildren. Perhaps someone in your family has had health or financial changes that should be reflected in your plan.

  • Changes in Desires

Even if there are no changes in the law or your life, sometimes we simply change our minds. As we age, hopefully we gain wisdom and experience. Sometimes that leads us to change our estate plan. For example, if a close friend of yours goes through a messy divorce, you may be more inclined to leave assets for your children in a trust that provides protection in the (hopefully unlikely) event of their divorce.

If you already have an estate plan in place, be sure to schedule an appointment with your estate planning attorney for a periodic review. There may be new factors and laws to consider of which you are unaware. And, just as with your health, if you notice important changes in circumstances, you should be sure to schedule that review sooner, rather than later.

If you are just starting out and do not have an estate plan, or you have here from another state, be sure to contact us.

Written By: The American Academy of Estate Planning Attorneys

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Brandon McGee
Brandon McGee
Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.
Brandon McGee
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Filed Under: Estate Planning

About Brandon McGee

Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.

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Client Review
May 25, 2021
    

Brandon McGee is knowledgeable, experienced and professional regarding Estate Planning. The entire process of multiple meetings to establish our input, draft and sign documents and fund the Trust were well organized and clearly explained. At completion, we were presented with a very well organized binder with the documents (both paper and electronic) and lists for future action.  In short, we find Brandon McGee and his staff to be competent, professional and friendly. ~ Brian C.

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