Five Key Reasons to Review Your Estate Plan


Your estate plan can be one you planned and put together or the one the state will decide after you are gone. While you might not want to think about what happens after you pass away, the odds of you living forever and not needing an estate plan are exceedingly slim.

If you do have an estate plan, when was the last time you reviewed it? Many estate planning experts recommend you review your plan every one to five years and after any significant life event. Below are just a few of the reasons that should trigger a review of your estate plan:

  1. Are there any changes to my family tree? Births, deaths, adoptions, marriages, divorces, etc. happen all the time and are situations that can change how you want your estate to be handled.
  2. Are there any significant changes in my assets or account values? Changes in account values over time can be gradual or very sudden due to many different reasons such as stock market returns, inheritances, major medical expenses, or career changes. These changes may quickly skew the balance of what you have planned to leave in your estate and how the assets flow.
  3. Are there any changes in my tax status? Not only can your tax status change based on the assets or income you are receiving, but the laws can and do change as well. Knowing your tax situation and your inheritor’s tax situation can be essential when reviewing or setting up a solid plan.
  4. Are there changes needed in my estate plan to address my needs in the last years of my life? Many people find that when they are in the last years of their lives they may need extra care, such as nursing or in-home care.
  5. Are there special needs in your family? While this is a broad topic, special needs can range across a large variety of things that can appear in your life. Whether those needs are mental, emotional, or physical, they can completely change how you want your estate to be managed. You may need to set up rules and boundaries on whom, how, and when money is dispersed.
  6. Are there new charities you would like to remember in your estate plan? Many people become involved with new charities throughout their lifetimes. Make sure your estate plan reflects your current wishes.

Whatever you choose to do with your estate, it is something that needs to be carefully considered and reviewed when your life circumstances change. If you would like to talk through your estate plan, please contact me at or (931) 388-0752.


Article authored by:

Grant Hood, Investment Strategist

Compass Capital Management


Compass Capital Management and LPL Financial do not provide specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor. Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice is offered through Private Advisor Group, a registered investment advisor. Private Advisor Group and Compass Capital Management are separate entities from LPL Financial.


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