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 Outdated estate plans, like outdated resumes, simply do not work.
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 that 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.
- 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 or business circumstances have changed.
Estate planning is an ongoing project that requires review and attention. There is no time like the present to review your estate plan. Call my office at (480) 719-7333 to get your estate planning review scheduled. As with most people, if it is on the calendar, you will make it happen. I will help ensure that your estate plan reflects your current needs and the needs of the people you love.