Surely You've Had Changes in Your Life

Estate planning is not a “set it and forget it” kind of thing. Your life changes, your assets change, the laws change -- and if your plan doesn’t change, your family gets caught holding the bag. The people you love most end up bearing the brunt of your failure to act.


Conducting a proper review of your estate plan will help identify the potential need to update your plan because of:


Life transitions


Have any babies been born, loved ones died, people gotten divorced or married? If so, you need to revisit your plan.


Changes in the law


Changes in federal and state tax laws may require updates to your advance health care directive and financial power of attorney. State regulations can also be revised to open up new wealth planning strategies that should be a part of your estate plan.


Changes in assets


Has your net worth gone up or down? Have you invested in any new assets, such as businesses, opened new bank accounts, retirement accounts, insurance policies, real estate or anything similar? If so, your plan needs to be revisited. And the spreadsheet of assets you have for your family (you DO have one, right?) needs updating.


Funding of assets and beneficiary designations


One of the most common mistakes people make is not properly completing the transfer of assets into a trust within their estate plan. Another common error is having beneficiary designations that are inconsistent with the distribution language in the estate plan. I recommend a review of those matters at least annually.


If you do not review your plan and update it regularly, your family will have to deal with the consequences.


This article is a service of the Law Office of Keoni Souza, LLC, an estate planning law firm in Honolulu, Hawaii. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Family Wealth Planning Session, ™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by contacting our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.


DISCLAIMER: All information available at this website are for informational purposes only and is not legal advice. You should contact an attorney directly regarding your specific situation. Use of and access to this website or any of the email links contained within the site do not create an attorney-client relationship between the Law Office of Keoni Souza, LLC and any users or any other party.

BLOG

CONTACT US

 

810 Richards Street,

Suite 770,

Honolulu, HI 96813

(808) 725-3456

  • Instagram
  • Twitter
  • Facebook Social Icon

All information available on this website is for informational purposes only and is not legal advice. You should contact an attorney directly regarding your specific situation. The use of and access to this website or the transmission of information via email or through this website does not create an attorney-client relationship between the Law Office of Keoni Souza, LLC and any users or any other party. Transmission of information via email or through this website may not be secure, therefore confidentiality cannot be assumed.  By using this website or transmitting information via email or this website, the user agrees to this information being collected, stored, or transmitted to a third-party.

©2020 BY LAW OFFICE OF KEONI SOUZA, LLC