Once an estate strategy is in place, it should only require periodic reviews to check that it still reflects your wishes. However, life events such as marriage, divorce, births, deaths, relocations, health changes, business sales, and changes in tax law may prompt you to reconsider part of your overall strategy.
The world of estate strategies is changing, as covered in the Trust & Will 2025 Estate Planning Report. Did you know:
- While 83% of Americans acknowledge the importance of their estate, only 31% have established a will.1
- Almost one in four Millennials and Gen Zers prefer trusted friends or professionals over family members, selecting them as executors and guardians.1
- Financial anxiety, as 49% of Americans are more worried about their economic future than they were a year ago.1
- Inflation, with 78% of Americans reporting that it has made pursuing their life goals more difficult.1
These statistics underscore the need for everyone, regardless of their economic level, to maintain an estate strategy that reflects their current needs.
Here are some general guidelines, although everyone has unique financial circumstances. You might want to update your strategy in case of:
- Marriage or divorce within your family or heirs
- Births, adoptions, and deaths
- Any relocation, especially if you’re contemplating a move to another state, as laws might have subtle differences
Here are some other reasons to update your estate strategy:
- You’re experiencing a health change
- You are considering the sale of a business and want to update how the assets will be handled in your estate strategy
- Changes in federal tax law
- Changes in state tax law, including inheritance tax law
- You have decided to change your beneficiaries
If it’s been some time since you reviewed your estate strategy, consider whether it still anticipates potential challenges, captures new opportunities, and distributes your assets in line with your current intentions. Many people also choose to hold a family meeting to walk loved ones through the structure of their plan and the reasoning behind key decisions.
Estates can be complex, and while online tools are a convenient way to begin organizing your plans, they may not address every nuance of your situation. Partnering with an experienced estate planning professional can provide deeper insight, uncover considerations you may not have anticipated, and help ensure your strategy is thoughtfully structured, legally sound, and aligned with your long-term goals.
If you have questions or would like a second look, contact your Patriot advisor. We can help ensure your financial plan aligns with your estate strategy and, if appropriate, provide a referral to a trusted estate planning professional to help you take the next step.
This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.