Just like the historic homes that line our beautiful Savannah squares, your estate plan needs regular maintenance to stay in top shape. At Smith Barid, LLC, we often remind our clients that estate planning isn’t a one-and-done task. It’s an ongoing process that requires periodic review and updates. Let’s explore why regular estate plan check-ups are crucial for Savannah residents.
Savannah is a city of change and growth, and our lives reflect that. Think about all that’s happened since you last looked at your estate plan. Maybe you’ve welcomed a new grandchild, started a business, or finally bought that dream home on Tybee Island. Each of these life events can significantly impact your estate plan.
For example, if you created your will before your grandchild was born, they might not be included as a beneficiary. Or if you’ve started a business, you’ll want to make sure your estate plan addresses what happens to it if you’re no longer around. Regular reviews ensure your plan always reflects your current life situation and wishes.
Georgia laws regarding estates and trusts can change, and federal laws certainly do. Remember the big changes to the federal estate tax exemption a few years back? If you haven’t reviewed your estate plan since then, it might not be taking full advantage of current laws.
If your estate plan was created when the exemption was much lower, you might be using strategies that are no longer necessary or optimal. Regular reviews allow us to adjust your plan to align with current laws, potentially saving your heirs significant money in taxes.
Savannah’s real estate market has seen some significant changes over the years. If you own property here, its value may have increased substantially since you last updated your estate plan. This could affect how you want to distribute your assets, or it might push your estate into a higher tax bracket.
The same goes for your investments, business interests, and other assets. Regular reviews allow us to assess your current asset values and adjust your plan accordingly.
Family relationships can change over time. Maybe you’ve had a falling out with a beneficiary, or perhaps you want to include new family members in your plan. Regular reviews give you the opportunity to reassess who you want to inherit your assets and in what proportions.
This is particularly important for blended families, which are increasingly common here in Savannah. As relationships with stepchildren develop or change, you may want to adjust how you’ve provided for them in your estate plan.
We generally recommend Savannah residents review their estate plans every 3-5 years. However, you should also review your plan after any major life event such as:
At Smith Barid, LLC, we’re committed to helping our Savannah clients keep their estate plans up-to-date and effective. We understand the unique needs of our community, from preserving historic properties to planning for the next generation of family businesses.
Don’t let your estate plan gather dust like an old antique. Give it the care and attention it deserves. Ready for an estate plan check-up? Give us a call at 912-352-3999 or click here to schedule an initial discovery meeting. Let’s work together to ensure your estate plan continues to reflect your wishes and protect your legacy in our beautiful Savannah.
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