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Estate Planning

Spring Cleaning? Time to Review Your Estate Plan

By April 1, 2015No Comments

We’ve all had that self-satisfied feeling that comes with executing estate planning documents.

We sign, and then we go on with life. We marry, have children, divorce, marry again, and have more children. We make money, lose money, and make money again.

Our parents die. Our children marry. We become grandparents. We quit work and/or sell our business, and retire.

In the commotion of life, we forget one crucial task—to periodically review and update our estate plan, including our wills, trusts, and retirement and financial account designations.

This mistake can jeopardize dispositional plans and families’ financial futures.

What life changes have you experienced in the last five years, three years, or even 12 months?

You may have created a living trust to hold your home and other assets until their distribution after your death. Have you implemented your plan and transferred those assets to your trust?

You may have divorced. Have you replaced your ex-spouse in your plan documents? If not, your ex-spouse may benefit at your children’s expense.

Your named guardian, personal representative or trustee may have died. Have you designated a replacement?

You may have had your first child. Do your plan documents provide for children? Or your adult son may mishandle his finances. Should you push back the age of his inheritance payment?

You may have sold your business, or a previously illiquid asset, for a substantial, liquid profit. Does your plan provide sufficient tax, creditor and other protections for these sums?

Prevent problems before they arise. Update your estate plan with your FOS attorney.

It will be time well spent. You may even save your family’s financial future.