Is your Estate Plan Outdated?
Most people think that when they made a will, their estate planning stops. However, it is not called 'planning' for a reason, it is an ongoing process. The reason for this is that life changes. Children grow up, we move, maybe even relocate to a different state, maybe even become grandparents.
When is the last time you reviewed or updated your current estate plan (if you even haven one)?Here are a few things you should pay attention to, if any of these questions are answered with a 'YES', you probably should meet with an estate planning attorney to see if your estate plan will keep your loved ones out of court if something happens to you.
1. Has it been more than 3 years since you reviewed your current estate plan?
2. If you have minor children, does your estate plan name Guardians for them?
3. Since creating your estate plan, are your children now adults?
4. Have you had children since your estate planning documents were signed?
5. Have your children had children?
6. Have any of your children been married, divorced or died since your planning documents were signed?
7. If you become disabled, is your Power of Attorney document for financial decisions older than 5 years?
8. If you become disabled, is your Power of Attorney document for health care decisions older than 5 years?
Life Changes so should your estate planning.Not only do our lives change, but our children grow up and become adults, our assets change. Are any of the following true for you?
1. Since you signed your planning documents, have you changed your mind about any aspect of the plan?
2. Have you bought or sold a house or other piece of property since your planning documents were signed?
3. Have you recently been married, divorced or widowed since your estate planning documents were signed?
4. Has the value of your assets changed since you signed your planning documents?
5. Have you added or changed the kind of assets you own since your planning documents were signed?
6. Do you have a Trust, are there any assets that you have not transferred into your Trust?
7. Have you, your spouse or child become physically or mentally incapacitated since your planning documents were signed?
These are just a few examples of things that happen to us, these changes are not only significant to how our life changes on a daily basis, they also impact on how you plan for your future and the future of your loved ones.
If you answered 'YES' to any of these questions, it is a good idea to schedule a review session with an estate planning attorney, if you have not made a will at all, the need for you to do so is even greater.
I hope this guide of important questions helped you build a basic understanding of what aspects are covered by basic estate planning. If you would like to schedule a review session with us, or want to start your estate planning process, we would love to hear from you!