Your financial picture constantly changes so you must constantly review and redesign your plan to keep up with those changes. Assets are added, others are sold or gifted. Your obligations change. So too the legal and financial hazards you face. With time your financial goals and priorities also change. Equally important, asset protection strategies of the past may no longer be the most suitable in light of more recent laws and court decisions that suggest more secure strategies.

For those reasons, make asset planning an ongoing process. Review your program at least annually, and more often if a major event-such as a windfall inheritance or threatening lawsuit-comes your way. Also review your plan if you move to another state. Its laws may dictate a new plan. Only a thorough update on a regular basis can ensure your plan is correct for your ever-changing situation.

Sound asset protection demands this commitment. If it’s to remain an important component of your financial life, it will involve time, expense and effort to keep your protection strong. Your willingness to continually assert asset protection priorities and shun more attractive financial arrangements that offer less protection is part of that commitment. Don’t let your asset protection erode over time because you no longer keep this objective in sight. Once a financial threat passes, you may see no further need for asset protection. It’s then that you are most vulnerable.