Russ Alan Prince reports on Forbes why individuals should periodically review their estate plans.
“An estate plan is not a time capsule to be opened and dissected at some distant point in the future. While most ultra-wealthy individuals have a valid estate plan in place, that fact is not necessarily reassuring. Many have not taken adequate steps to review and update these plans since the moment they were signed. Meanwhile, major life events such as marriage, the birth of a child or the launch of a business may have occurred. Advisors should consider scheduling annual check-ups with ultra-wealthy clients to ensure that plans reflect clear intent,” said Alan Kufeld, a partner at Flynn Family Office.