Reviewing & Updating Your Estate Plan

The Basics of Updating & Reviewing Your Estate Plan

This article will help you to understand why it is necessary to regularly update and review your estate plan. It will also show you what life events are and why they matter when your estate planning is involved. You will also learn which estate plan strategies are best for you to avoid or reduce inheritance tax.
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How To Update & Review Your Estate Plan

Look at your estate planning regularly. Check it every three to five years or when there is a significant life event. Consult your solicitor or financial advisor for assistance.

Examples of Life Events:

  • A birth or death in the family
  • When your child reaches adulthood
  • When your grandchild needs finances for education
  • Getting married or divorced
  • Illness
  • Buying a home
  • Taking a huge loan
  • Changes to tax laws¹
  • Starting a new job or starting your own business
  • Increases or decreases in the value of your assets
  • Changes in your insurance coverage

If you review your estate plan regularly, you can rest assured that your estate will be distributed with ease to your beneficiaries.²

Common Questions

What Is Meant by Estate Planning?
When Should You Do Estate Planning?
What Is the Difference Between Will & Estate Planning?
What Are the Advantages of Estate Planning?

In Conclusion

Reviewing & updating your estate plan is very important. Checking it at regular times will ensure that your beneficiaries will be well looked after. Estate planning can help you to avoid paying inheritance tax and make sure your beneficiaries are well looked after.

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