Annual Estate Plan Review – How to Do It, and Why It is Important

Wisconsin estate planning attorneysAs we head into tax season, taxpayers and business owners all over the country have started to gather up their financial data. Some are looking for a refund. Others are hoping to claim every possible exemption. Yet all have one thing in common: they should be reviewing their estate plans as well. What is an annual estate plan review, and how do you go about it? The following explains further.

Why Review Your Estate Plan?

A lot can happen in a year. Divorce. New children or grandchildren. A death in the family. Changes in your investments. Any one of these situations could constitute a change to your estate plan. Unfortunately, if you are not taking the time to go back and review your plan on a regular basis, you may very well forget to update it. This can create all sorts of issues, including a need for probate, overlooked heirs, and even the distribution of assets to an ex-spouse and/or their extended family. So make an estate plan review a part of your annual financial review process.

What to Look for in Your Estate Plan Review

First and foremost, your annual review should begin with a valid will. If you do not yet have one, then it is important that you speak with an experienced estate planning lawyer for assistance. Secondly, consider whether you are still comfortable with your current heirs or trustees. You should also review the current guardian(s) for any minor children. Is this person still living? Are they still interested? Are they still a viable choice? Or has someone else emerged as the better option. Lastly, talk to your estate planning lawyer about any major changes to tax and estate laws over the past year to ensure you are taking full advantage of tax exemptions, deductions, and other important estate planning strategies.

Contact Our Wisconsin Estate Planning Lawyers

If you need help creating or reviewing an estate plan for your family, contact the Law Office of Rollie R. Hanson, S.C. today. Dedicated and experienced, our Milwaukee estate planning lawyers will protect the interest of your heirs with thoughtful and creative estate planning strategies. Call 414-321-9733 and schedule your consultation with us to learn more.


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