Readers who regularly troll financial sites for data and information likely see the occasional reminder from syndicated pundits to review their holdings.
More specifically, people who pay close attention to things like stocks and bonds sometimes advise investors to engage in some internal dialogue with themselves, to wit: Every once in awhile, explain to yourself why you are invested the way you are. What has prompted the asset mix you’ve decided upon?
Not being able to acutely dig down to a micro level regarding the rationale underlying every shred of your portfolio is OK; it is the internal process of thinking about your money and understanding your investments in a general sense that is what’s really important.
The same can certainly be said of your estate planning, in the lucky event you have worked closely with a proven planning attorney to execute a well-considered and tailored strategy.
“Well begun is half done” is a time-honored maxim that is certainly applicable to the estate planning process. It is altogether commendable for any person or couple to have timely and comprehensively drafted a plan that carefully takes into account matters such as asset preservation, lawful tax avoidance, the creation of trusts, beneficiary designations, inheritances and other important considerations, of course. But it is also necessary to periodically review an estate strategy and plan and make adjustments as necessary.
Because life is ever in flux, with things constantly changing.
And, thus, even the most carefully crafted estate plan will never be immutable in its details and provisions. Life and death, along with material changes inside families, work against any such certainty.
And that is generally a good thing. Moreover, it underscores that an occasional review of planning documents and strategies in concert with proven legal counsel will promote consistent accuracy in the details of a plan, as well as ensure that its central provisions closely accord with the wishes of planners.