They wanted to ensure that they would be cared for in the event of their disability. They also desired a smooth and inexpensive transfer of their assets to their children. However, they chose the wrong tools to carry out those objectives. Periodic review is necessary because tax laws change, inheritance laws change, and circumstances in life change. The death of a relative, the birth of grandchildren, the receipt of an inheritance, and the growth of an asset are all events that can trigger the need for a review of your estate plan.
Estate planning is a challenge.
It involves time, energy, and dedication. And it frequently involves making some hard decisions. Planning an estate is a deeply emotional process. It involves the people and the causes you care about, and it reflects your wishes for their future. It takes serious inward searching to decide what you want to do with your assets and to determine the best way to accomplish your goals.