Women are busy – running businesses, managing organizations and raising families. So, it may have been awhile since you’ve reviewed your estate plan.
It may be time.
Markets shift, relationships evolve, jobs change, and businesses grow. You want to make sure that your assets will be distributed according to your wishes and in the most tax-efficient manner. That is why it’s important to reassess your estate plan on a regular basis.
If you’ve experienced a major life event, your plan needs review.
At Luma Wealth Advisors, we recommend that you revisit your estate plan after a major life event, such as the birth of a child or grandchild, marriage or divorce, the death of a beneficiary, or a significant change in your financial situation.
If business conditions have changed, your plan needs review.
A shift in market or business conditions, including a change in interest rates or pending legislation, can also trigger the need for an estate plan analysis. If you are a business owner, you may need to rethink your business succession plan over time. Or you may be preparing to sell your business, which will affect your estate.
If time has passed, your plan needs review.
Even if you don’t experience a change in your personal situation or feel that market conditions are largely unchanged, it is a good idea to thoroughly review your estate plan every few years to ensure it is still relevant and up-to-date.
Discover how to benefit from comprehensive wealth planning for women.
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