ESTATE PLANNING IS A PROCESS

Many people think of estate planning as a life event. You spend some time with your estate planning attorney and talk about your goals, plans, dreams, and fears for the future. Then your attorney helps you decide exactly what form your estate plan should take, draws up all the right paperwork for you to sign, and voila! Your estate plan is “finished.”

Reality is not quite that simple. Estate planning is more of a process than an event. Putting together an initial plan is the essential first step, but life and laws keep changing after you put your estate plan in place. Therefore, you need periodic estate planning reviews and updates to keep pace with the changes going on around you.

DOES YOUR ESTATE PLAN NEED A CHECK-UP?

If you answer “YES” to any of these questions, it is a good idea to schedule a review appointment. Please contact our office to schedule your Estate Plan Review appointment and ensure that your estate plan continues to provide protection for you, your family, and your assets.

  • Has it been more than two years since you reviewed your current estate plan?
  • If you have minor children, does your estate plan name guardians for them?
  • Since creating your estate plan, have your children become adults?
  • If you have a trust, are there any assets you have not transferred into your trust?
  • Is your Power of Attorney document for financial decisions older than 5 years?
  • Is your Power of Attorney document for health care decisions older than 5 years?
  • Are there any charitable gifts you would like to make at your death that are not clearly set forth in your estate plan?
  • Is there any personal property you would like to distribute that has not been provided for in your estate plan?
  • Does your estate plan include provisions for the care of your pets in the event of your death or disability?
  • Has the value of your assets changed significantly since you last updated your estate plan?
  • Have you added or changed the kinds of assets you own since you last updated your estate plan?
  • Have you gotten married or been divorced or widowed since you last updated your estate plan?
  • Have you had children or grandchildren since you last updated your estate plan?
  • Have any of your children gotten married, divorced, or died since you last updated your estate plan?
  • Have you, your spouse, or a child become mentally or physically incapacitated since you last updated your estate plan?
  • Have you bought or sold a house or other piece of property since you last updated your estate plan?
  • Are you considering selling stock or other valuable assets which carry a low cost basis?
  • Have you or any of your fiduciaries moved between states since your planning documents were signed?
  • Since creating your estate plan, do you have new concerns about the possibility of losing your assets to nursing home or other long-term care expenses?
  • Since you last updated your estate plan, have you changed your mind about any aspect of the plan?
  • Have you or your spouse received an inheritance?

Making sure your estate plan continues to reflect your wishes and your family’s needs throughout the twists and turns of life is not a do-it-yourself job. It requires the expert help of an attorney who concentrates his or her practice on estate planning.

As long as you and your loved ones have not had any changes in your personal lives, all you need to worry about is scheduling an appointment for an Estate Plan Review every year. This way, your estate planning attorney can make sure your plan is updated to keep pace with legal changes and new planning strategies.

Consider your estate planning attorney a lifelong partner, counselor, and consultant. One who will get to know you and your family and will share valuable knowledge and advice as your family grows and changes.

With this in mind, it is important that you think of an attorney’s legal expertise as just a starting point. Of course, you want to work with an experienced estate planning attorney. But beyond that, look for an attorney who is a good listener, who answers your questions in an understandable way, and with whom you and your family feel comfortable and at home.

If you think it’s time for an Estate Plan Review, contact us today to schedule an Estate Plan Review Appointment. Now might also be a great time to consider joining our Annual Maintenance Program (AMP). Through AMP, we actively monitor your Estate Plan and advise you of needed updates, and you receive one free Estate Plan Review consultation each year!