Reread estate plans after tax season, adviser urges

Joseph Hosler of Auour Investments wrote on May 29 that clients should set aside 30 minutes after tax season to reread their estate planning documents. He advised reading for intent rather than legal detail.

He noted many estate plans are created during periods of change — after a business sale, when children are young, or as wealth grows — and are not regularly reviewed. Over time, people add trusts, limited liability companies, new accounts and extra provisions to address specific concerns.

Each addition can be sensible on its own, but the accumulation can make a plan harder to understand and execute. Hosler wrote, “Does this still reflect what I am trying to accomplish?” He recommended asking whether someone unfamiliar with the family and finances could follow the plan and carry out the stated wishes.

Hosler acknowledged that complexity can be appropriate for larger estates that require specialized protections. His focus was on plans that retain layers of structure simply because they have not been updated. In those cases he warned of unclear lines of authority, overlapping duties among trustees or managers, and greater administrative work for heirs and spouses.

He proposed practical steps: set aside a focused session to reread key documents, compare instructions to current family circumstances and financial priorities, and ask whether the structure reflects priorities now or those of 10 to 15 years ago. If questions remain after that review, he recommended a fresh evaluation from an attorney or financial advisor.

Estate planning professionals recommend periodic reviews because family structure, assets and laws can change. Hosler presented a short review after tax season as a way to identify misalignments early and decide whether to maintain, revise or simplify existing documents. If a plan no longer serves its owner, he advised engaging legal counsel to update it.