Can we be frank? It’s unrealistic to think that a piece of paper reflecting your life at a certain time will work when your life has completely changed some years later. Is it time to update your estate plan? Think through all the changes that have occurred in your life since you last thought about it.
Changes in Your Life
Since drafting your estate plan:
- Have you moved?
- Do you have more children or grandchildren?
- Have you started a business, suffered health problems, or purchased a new home?
- Do you have new accounts and investments?
- Do you now care for a parent, pets, or dependent children?
- Have you remarried, gotten divorced, or retired?
- Has someone you loved died?
- Have friends named in your plan as trusted helpers moved away or has your relationship changed?
- Are your children now adults and able to help you?
- Do you want to help with grandchildren’s college or dance lessons?
- Do you see the world in a different way?
It May Be Time to Update Your Estate Plan
Chances are, your estate plan is out of date. Many things have happened in the past 10 years. Your estate plan needs to reflect the changes in your personal life, financial situation, and goals. There have also been changes in the law and we continuously learn to protect our clients in better and better ways as the law evolves, so the way we do things has changed.
If you’ve experienced changes or if it’s been more than 3 to 5 years since your last review, it’s time to update your estate plan. Come in and see us. We’ll review your plan and chat with you about it.