Financial Plans Should Be Monitored and Updated on an Ongoing

question 56

True/False

Financial plans should be monitored and updated on an ongoing basis. Examples of changes that can necessitate financial plan updating include changes in wealth, time horizon, liquidity requirements, tax circumstances, and regulations.

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Definitions:

Offeree

The person or entity to whom an offer is made, which can be accepted, resulting in a binding contract.

Consideration

In contract law, consideration refers to something of value that is exchanged between parties as part of an agreement.

Promisee

The party in a contract who is to receive the benefit of the promise or action stipulated in the agreement.

Promisor

A party who makes a promise or commitment in a contract.