As Time Goes By…
- Posted in: Estate Planning
Thanksgiving is upon us again. Most of my family will be in town this week to share the holiday together. For many people the holiday season brings more than just celebration. Seeing family and friends you may not have seen since this time last year means seeing grandchildren who have shot up like weeds, siblings and children with noticeably more gray in their hair, and even sometimes seeing an empty place at the dinner table that wasn’t empty last year. In short, for many people the holiday season means facing the passing of time and the change it brings.
The passage of time is inevitable; and when your life changes it’s important that your estate plan change with it to reflect the new situation. Reviewing your estate plan every few years is essential to keeping it up to date and working the way you intended it to work. Luckily, reviewing your estate plan can be quick and easy if you know what you’re looking for. Here is a list of 6 key components you’ll want to review regularly:
- Fiduciaries (Executors; Trustees; Agents)
- Distribution and Beneficiaries
- Health Care
- Guardianship and documents pertaining to minor children
- Legal Updates
If we’re lucky, our lives are constantly changing—our families evolve, our finances improve or decline, we meet and form strong relationships with knowledgeable friends and professionals. It only makes sense that your estate plan should change too. What seemed best for your family 4 years ago might not be the ideal situation now. By reviewing and updating these 6 components on a regular basis, and touching base with your attorney, you will insure that your estate plan will continue to protect yourself and your family the way you intended it to when you first created it.