A resume is a snapshot of your experience, skill set, and education that provides prospective employers insight into who you are and how you will perform. Imagine not updating your resume for five, ten, or even fifteen years. Would it accurately reflect your professional abilities? Would it do what you want it to do? Probably not. Estate plans are similar in that they need to be regularly updated to reflect changes in your life and the law so they can do what you want them to do. Outdated estate plans, like outdated resumes, do not work.
Take a Moment to Reflect
Think for a moment about all of the changes in your life so far. What has changed since you signed your will, trust agreement, and other estate planning documents? If something has changed that affects you, your trusted helpers, or your beneficiaries, your estate plan probably needs to reflect that change.
Below are examples of changes that are significant enough to warrant an estate plan review and likely updates:
- A new family member you want to provide for in your estate plan (child, grandchild, etc.) was born.
- A new family member that you want to provide for was adopted.
- You, a trusted decision-maker or a beneficiary, got married.
- You or a beneficiary got divorced or separated from a spouse.
- A loved one passed away.
- A loved one is now battling an addiction.
- One of your trusted decision-makers is now incapacitated.
- A loved one is now disabled.
- You or a loved one is now suffering some health challenges.
- Your financial status or a beneficiary has changed, for better or worse.
- Laws pertaining to tax, retirement accounts or benefits, property, or other relevant topics have changed.
- You, a trusted decision-maker or a beneficiary, moved to a new state.
- Your family circumstances have changed.
- Your business circumstances have changed.
Procrastination
Estate planning is usually at the bottom of a person’s to-do list. After completing it, most people do not think about it again. Do not be like most people. Estate planning is an ongoing project that requires review and attention. There is no time like the present to review your estate plan. Call our office now to get your estate planning review scheduled. As with most people, you will make it happen if it is on the calendar. Just as you update your resume and meet with your doctor, dentist, CPA, or financial advisor regularly, you should also meet with us. We will ensure that your estate plan reflects your current needs and the needs of the people you love. Updating is the best way to ensure that your estate plan will do exactly what you want.
At Cheever Law, APC, we don’t just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love, starting with a valuable and educational Family Wealth Planning Session. The Life & Legacy Planning Session will allow you to get more financially organized than ever before and make all the best choices for the people you love. If you have already completed your estate plan, we will review that plan at your Life & Legacy Planning Session (aka Family Wealth Planning Session) to ensure that it will work the way you intend and address any holes or gaps that may be present if circumstances have changed since you executed your plan.
To learn more about our one-of-a-kind systems and services, contact us or schedule a 15-minute introductory call today.