The recent focus on the new tax laws might make people not affected by the estate tax think they have no need to review their estate plans. There are a number of reasons to take a fresh look, according to Forbes in "7 Reasons To Review Your Estate Plan, Trump Tax Law Aside."
Among the other reasons:
• Ensuring that your assets and property are still distributed as you want in the proportions you want.
• Making sure the person you chose to be the executor of your estate is still able and willing to serve in that capacity.
• If you have minor children, you should make sure the person you previously named to be their guardian is still an appropriate choice.
• It is always a good time to review your estate plan to determine if your family will be better served by using a trust or a will, based on the mix of your assets.
• Other documents, such as powers of attorney and health care advanced directives, should be reviewed to make sure what you have is still what you want.
• Tax laws are always changing, so a review of your estate plan is important for taxes other than just the estate tax.
• You should always review to make sure any gifting program you have undertaken is appropriate or whether you should start one, if you are not currently gifting.