We’re (still) in the season of love, and whether you’re in the camp of being a hopeless romantic who lives for the fuzzy feelings it gives you, or you’re in the love the discounted chocolate on February 15th camp, each side should consider the following: when was the last time you updated your estate plan?
Love may be eternal, but estate planning is not one-and-done; it’s a living, breathing plan that evolves with you and your family.
Or maybe you don’t have a plan yet. And that’s okay, you’re not expected to have everything figured out on your own. Any attorney worth their coin (in chocolate form or otherwise) should be able to help you discover your goals and discuss ways to achieve those goals.
Keep in mind the reasons you created your plan in the first place…
- Did your goals include keeping things simple for your family?
- Protecting young children?
- Setting up an inheritance structure?
- Making sure you were in control of who should make decisions if there was ever a time you couldn’t make them for yourself?
You’re probably thinking, “Okay, so when should I update my plan, or at least look it over?”
Here are some great times to reconsider your plan:
Life Change
Maybe you just moved, changed jobs, retired, got married or divorced, or received an inheritance from a family member. Any time there is a major life event, it’s worth taking 5-10 minutes to look over your documents. Check to see if your plan still aligns with your goals. You don’t want to inadvertently disinherit someone, or worse have assets pass to someone you don’t want to inherit from you.
New Assets
Did you acquire your new dream vacation home, or have you downsized? Real estate can be one of the biggest blessings for those who inherit, but it can also be a major headache if not dealt with properly. These are the times that assets can get overlooked and not wrapped into a plan. If avoiding probate was on your list of goals, adding assets to your portfolio is exactly the time to review your plan.
New Family Members
Either you have a new kid of your own, or your baby had their first baby, let’s make sure those members are protected and provided for. Does your plan specifically include ‘afterborn’ children? Not sure? Let’s double-check so you don’t unknowingly disinherit a child or grandchild.
New Laws/Rules
Laws are often reviewed and revised, but we don’t expect you to monitor every change; that’s what we’re here for! And while we’ll make general email blasts about important law changes, if that email goes overlooked your plan could fail. Womp womp.
Planning for Aging
If it now takes you a few days to recover from shoveling snow, it may be time to start thinking about planning for long-term care.
As we age, often our goals shift. Planning ahead can help protect your finances and reduce stress for the people who may one day step in to help.
We’re no longer focused on protecting young children as we are on protecting ourselves and a spouse from the financial burdens of long-term care.
Time
When was the last time you did your planning? Some financial institutions may want to see a “fresh” Power of Attorney, so your Power of Attorney from 2013 may not cut it when it’s needed. Or if you’re one of the many people who created or updated a plan during the pandemic, now that remote notarization is no longer available, it may be a good idea to re-sign your documents. Remote notarization was only ever an emergency stop-gap measure. While legal, it has its potential to be challenged. It’s untested. While you’re able to update your plan, let’s do that so your family doesn’t become a test case.
A major motivator for many clients is their love for their family and the ease and protection they want to provide them if anything were to happen. Now, you don’t just show your love to someone on one singular day in February, so why should your estate plan only be done once?
I understand it’s a lot to keep track of, so we made a super handy guide that shows you when to review or update your plan. >>Check out the free guide<<
Show your family you love them with a plan that works when you need it to. Schedule a plan update or discovery session today!
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