An estate plan is not something you create once and forget. As your life changes, your estate plan should change with it.

An estate plan is not something you create once and forget. As your life changes, your estate plan should change with it. Marriage, divorce, the birth or adoption of children or grandchildren, buying or selling a home, starting or selling a business, retirement, or changes in your financial situation can all affect whether your existing plan still accomplishes your goals. In Washington, periodic reviews are especially important because estate planning laws and tax rules continue to evolve. Recent changes to Washington’s estate tax increased the state estate tax exclusion to $3 million while also changing the tax rate structure for larger estates, creating new planning opportunities — and new challenges — for many families. Reviewing your estate plan every three to five years — or sooner after a major life event — helps ensure your Will, Revocable Living Trust, Powers of Attorney, beneficiary designations, and other planning documents continue to reflect your wishes and take advantage of current law. A periodic review with an experienced attorney can identify outdated provisions, evaluate potential estate tax exposure, and give you confidence that your plan will protect your family and preserve your legacy as intended.

If you have questions about updating your existing estate plan, or creating one for the first time, give us a call at 253.858.5434 to set up an appointment today.