The recent focus on the new tax laws might make people not affected by the estate tax think they have no need to review their estate plans. There are a number of reasons to take a fresh look, according to Forbes in "7 Reasons To Review Your Estate Plan, Trump Tax Law Aside."
Among the other reasons:
- Ensuring that your assets and property are still distributed as you want in the proportions you want.
- Making sure the person you chose to be the executor of your estate is still able and willing to serve in that capacity.
- If you have minor children, you should make sure the person you previously named to be their guardian is still an appropriate choice.
- It is always a good time to review your estate plan to determine if your family will be better served by using a trust or a will, based on the mix of your assets.
- Other documents, such as powers of attorney and health care advanced directives, should be reviewed to make sure what you have is still what you want.
- Tax laws are always changing, so a review of your estate plan is important for taxes other than just the estate tax.
- You should always review to make sure any gifting program you have undertaken is appropriate or whether you should start one, if you are not currently gifting.
Reference: Forbes (March 15, 2018) "7 Reasons To Review Your Estate Plan, Trump Tax Law Aside."