Estate planning is an ongoing process. You must not only develop and implement a plan that reflects your current financial and family situation, you must also constantly review your current plan to ensure it fits any changes in your circumstances.

Along, with reviewing your situation you must also be aware of current tax law. Under the Tax Cuts and Jobs Act, there will be a great reduction of people who will be saddled with the estate tax. However, be sure to become familiar with any estate or inheritance tax imposed by your state. There are also other important considerations to make when it comes estate planning. WHERE DO YOU GO FROM HERE? Remember, estate planning is about much more than reducing your estate taxes; it's about ensuring your family is provided for, your business can continue and your charitable goals are achieved. So even if you are unaffected by estate tax, you will want to have an up-to-date plan in place.

Use an estate planning checklist to identify areas where you need more information or assistance. Or jot down a few notes about things you want to look at more closely and discuss with a professional advisor. It may be easy for you to put off developing a detailed estate plan—or updating it in light of changes in tax law or your situation. But if you do, much of your estate could go to Uncle Sam—and this could be very hard on your family.

Planning Tip

4 MORE REASONS TO UPDATE YOUR ESTATE PLAN

1. Family changes. Marriages, divorces, births, adoptions and deaths can all lead to the need for estate plan modifications.

2. Increases in income and net worth. What may have been an appropriate estate plan when your income and net worth were much lower may no longer be effective today.

3. Geographic moves. Different states have different estate planning regulations. Anytime you move from one state to another, you should review your estate plan.

4. New health-related conditions. A child may develop special needs due to physical or mental limitations, or a surviving spouse's ability to earn a living may change because of a disability. Such circumstances often require an estate plan update.