Q: Glenn, what would be the best time, or how regularly, should one review one’s tax situation for planning purposes?

A: Nobody likes to consider their own mortality, and people generally don’t like to consider tax, and paying tax. These are things that people avoid thinking about and doing.Its essential to regularly review your will and review your tax position. If you’re filing an annual tax return, then clearly you have to look at your tax once a year.

Then is the time to consider historically what you’ve been doing, how things have changed and what you might do in the future, and certainly if you’ve got a will it makes good sense to review it occasionally, to say “Has your asset base changed? Do you want to leave funds to charities or has your beneficiary list changed?”

So with all these things you need to do it at least once a year.