Avoid the Freeze: Keep Your Estate Plan from Going Cold

Avoid the Freeze — As the winter months settle in, it’s a good time to reflect on the importance of keeping things up to date—including your estate plan. Just like maintaining your home during freezing temperatures prevents costly repairs, regularly reviewing your estate plan ensures your wishes remain clear, current, and legally sound.

Why Estate Plans Need Regular Maintenance

Many people create an estate plan and assume they’re set for life. However, much like a neglected furnace in the dead of winter, an outdated estate plan can leave your loved ones facing unnecessary complications and expenses. That’s why our firm recommends reviewing your estate plan every three years—or sooner if a major life change occurs.

When Should You Revisit Your Estate Plan?

While a three-year review is a good rule of thumb, certain life events call for an immediate update:

• A Major Purchase or Sale: Whether you’ve bought a new home, sold a business, or acquired significant assets, your estate plan should reflect these changes to ensure they are properly accounted for.
• A Death or Birth in the Family: The passing of a loved one or the arrival of a new family member may impact your beneficiary designations and guardianship decisions.
• Changes in Laws or Personal Circumstances: Tax laws and estate planning regulations evolve, and your personal wishes or financial situation may shift over time. Regular check-ins help ensure your plan stays compliant and effective.

The Risks of Letting Your Estate Plan Go Stale

Failing to keep your estate plan current can lead to unintended consequences, such as:

• Assets not being distributed as you intended
• Outdated beneficiary designations causing disputes
• Probate delays and legal headaches for your family
• Missing opportunities for tax-saving strategies

Stay Prepared—Don’t Let Your Plan Freeze Over

An estate plan is a living document that should grow and evolve with you. If it’s been more than three years since your last review, or if a major life event has occurred, now is the time to take action.

At Biddinger, Schrot & Rolando, we are here to help ensure your estate plan remains a reliable safeguard for you and your loved ones. Contact us today to schedule a review and keep your estate plan from going cold!