How Often Should You Update Your Estate Strategy - 2026?
About the author: Lamar Watson, CFP®, is a Fee-Only Financial Advisor in the Washington, D.C., area who works with clients virtually across the country. Dream Financial Planning is a Fiduciary Financial Planning firm specifically designed to help individuals at any stage of life take control of their finances and fulfill their dreams. Feel free to schedule a Free Consultation to learn how we use the DREAM Financial Planning Process ™ to help our clients achieve their goals.
Once an estate strategy is in place, it should only require periodic reviews to check that it still reflects your wishes. However, life events such as marriage, divorce, births, deaths, relocations, health changes, business sales, and changes in tax law may prompt you to reconsider part of your overall strategy.
If you're looking for a cost-effective solution to get your estate planning documents in place, we can help. We have partnered with a leading Estate Planning platform to deliver high-quality Estate Planning documents for a fraction of the cost of working with an attorney. I included a blog post below that highlights the key documents that should be in your Estate Plan and my normal pricing.
Revocable Living Trust-Based Estate Plan
- Individual - $1,600
- Couple - $2,100
Will-Based Estate Plan
- Individual - $900
- Couple - $1,400
Probate Can Be Expensive
If you don't take steps to avoid probate the cost could be significant to those who inherit your assets. I'd estimate it could be approximately 3-7% of your estate's value depending on your state of residence and the size of your estate. So, it's better to spend much less on the front end and get Estate Planning documents in place, so your heirs don't get stuck with a significant cost after you pass away,
Do You Need and Estate Plan?
The world of estate strategies is changing, as covered in the Trust & Will 2025 Estate Planning Report. Did you know:
- While 83 percent of Americans acknowledge the importance of their estate, only 31 percent have established a will.1
- Almost one in four Millennials and Gen Zers prefer trusted friends or professionals over family members, selecting them as executors and guardians.1
- Financial anxiety, as 49 percent of Americans are more worried about their economic future than they were a year ago.1
- Inflation, with 78 percent of Americans reporting that it has made pursuing their life goals more difficult.1
These statistics underscore the need for everyone, regardless of their economic level, to maintain an estate strategy that reflects their current needs.
Here are some general guidelines, although everyone has unique financial circumstances. You might want to update your strategy in case of:
- Marriage or divorce within your family or heirs
- Births, adoptions, and deaths
- Any relocation, especially if you're contemplating a move to another state, as laws might have subtle differences
Here are some other reasons to update your estate strategy:
- You're experiencing a health change
- You are considering the sale of a business and want to update how the assets will be handled in your estate strategy
- Changes in federal tax law
- Changes in state tax law, including inheritance tax law
- You have decided to change your beneficiaries
If it's been a while, are you confident that your estate strategy proactively addresses potential challenges, seizes new opportunities, and optimizes the distribution of your assets according to your wishes? Many individuals will hold a family meeting to explain the estate's structure and their decisions regarding it.
Estates are complicated. Getting started with online tools can be a great first step. But you might want to work with an estate professional who can ask you tough questions.
Different Ways You Can Work With Us
Wealth Management - Combines ongoing financial planning and investment management. The financial planning fee is waived if we manage at least $1,000,000 in investments for you. You can review our investment management fee structure here. Tax Preparation and the ability to create a Will or Revocable Trust-based Estate Plan will be included.
Ongoing Financial Planning - Starting at $400/month, our most popular program now includes tax prep. This is a good fit if you have several goals and want the option to manage your investments. We'll cover everything from spending, insurance, taxes, investments, retirement planning, and estate planning. Our goal is to give you and your family an easy-to-understand comprehensive plan to provide you with confidence you're making the right financial decisions.
One-Time Financial Plan With Ongoing Support - Starting at $4,800, this is an accelerated version of the service above with additional support for one year after your start date. This service requires prepayment for the year and is offered at a significant discount from the annual pricing for ongoing planning. Tax Preparation and the ability to create a Will or Revocable Trust-based Estate Plan will be included.
Tax preparation is now part of the ongoing financial planning program. This will be in addition to the Tax Report we already generate for clients and our work with the IRS Withholding Calculator to help prevent our clients from getting a surprise tax bill.
Three-Hour Ask Me Anything - This is a good fit if you have 2-3 goals you want help with. These three one-hour meetings need to be completed within three months. The fee for this service is $2,000. You also get a free 30-minute meeting to help us get started.
Financial Coaching - Our financial coaching program starts at $99/month. This is ideal for someone who is looking to simplify and automate their finances. We'll also serve as an accountability partner and help you overcome obstacles that may be stopping you from accomplishing your goals. You can learn more about our coaching program here. If you think this program might be a good fit for you, schedule a 15-Minute Demo.
Hourly Financial Planning -Billed at $400 per hour. For each hour of meeting time, we'll bill at least one additional hour for meeting preparation and follow-up.
Our Full-Service Process For New Clients
Net Worth and Budget
The first thing I do for new clients is assess their current financial situation. We do this with the aid of financial planning software. We review assets, liabilities, income, and expenses. If you'd like to test drive my comprehensive financial planning software, visit Right Capital and create a profile. View this Right Capital video to learn more.
Insurance
As a Fee-Only Firm, we don’t sell insurance or charge commissions. However, we like to review home, auto, and umbrella insurance to ensure you have the proper coverage. We’re happy to work with your existing agent or refer you to an independent broker to ensure you get the best deal. We also look at your employee benefits, long-term and short-term disability insurance, along with life insurance to make sure your family is protected.
Tax Preparation and Tax Planning
Tax preparation is now part of the ongoing financial planning program. This will be in addition to the Tax Report and Tax Planning we already generate for clients. We also use the IRS Withholding Calculator to help prevent our clients from getting a surprise tax bill.
Investments
Whether you want us to manage your investments or you want to manage them yourself and you're just looking for a second opinion, we can help. We'll help you optimize your investments to make sure you’re not leaving any money on the table. Here’s an example of the quantitative analysis I can do for your investment accounts where we also evaluate your current fees.
If you’d like to review your risk tolerance, complete our risk tolerance questionnaire. This will give you your personalized risk number as seen on page 1 of the sample portfolio above. Feel free to check out the article 10 Best Tips for Beginning Investors from U.S. News where I shared a few investment tips.
Retirement Planning
This is where we bring everything together. Take a look at the links below for examples of some of the deliverables we prepare for clients.
- Get Your Free Retirement Check Up
- Elements® Financial Monitoring App
- One Page Financial Plan
- Financial Independence Presentation
Estate and Legacy Planning
If you're looking for a cost-effective solution to get your estate planning documents in place, we can help. We have partnered with a leading Estate Planning platform to deliver high-quality Estate Planning documents for a fraction of the cost of working with an attorney. I included a blog post below that highlights the key documents that should be in your Estate Plan and my normal pricing.
Revocable Living Trust-Based Estate Plan
- Individual - $1,600
- Couple - $2,100
Will-Based Estate Plan
- Individual - $900
- Couple - $1,400
I hope we get the opportunity to work together. If you'd like to see if any of these services are a good fit for you, feel free to schedule a free consultation or send me an e-mail.
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