When Is It Time To Restate Your Estate Plan?

from The Jon Sanchez Show Hosted by Sanchez Gaunt Capital Mgmt

Welcome to Estate Planning Wednesday. Let me begin with a statement that may surprise you: Your trust can be perfectly legal, properly signed, and completely wrong for your family today. That is because your estate plan was created for a particular moment in your life. It reflected the people you loved, the assets you owned, the laws in effect, and the decisions you had made at that time. But your life did not stop changing the day you signed your trust. Children grew up. Grandchildren were born. Parents passed away. Marriages began—and sometimes ended. You bought property, sold businesses, opened retirement accounts, accumulated more wealth, or moved to another state. Meanwhile, your trust may still be operating under decisions you made 10, 15, or even 25 years ago. So today, we’re answering an important question: When is a simple amendment enough—and when is it time to restate your entire estate plan? By the end of today’s show, I want you to be able to look at your own plan and place it into one of three categories: My plan is still current. My plan needs a limited amendment. My plan needs a complete restatement.