When we assist clients with drafting their estate plans, we try to draft a plan that will grow and evolve with them overtime. However, this does not mean that clients should stick their plans into a drawer and forget about them – never to review the plan again before they pass away. Instead, clients should get in the habit of reviewing their plans on a regular basis to ensure their plan continues to reflect their wishes.
I often tell clients that we try to plan for as many unknowns that we can think of but to a certain extent, we really can only plan for what we know today. Clients should ask themselves “If something happened tomorrow, what would I want to have happen with my estate?” If nothing changes in your life for the next five to ten years, that answer might remain the same. However, we all know life changes constantly and those changes could affect your estate plan.
We encourage clients to be overly communicative with their attorneys to inform them of various life changes. If you don’t call (or email), we are not going to know of those changes. Some life changes may not require an update to your estate plan but it is better to confirm this in case it is a life change that warrants a revision. Failing to update your estate plan could ultimately cause your estate, and beneficiaries, more time and expense than if you had not even drafted an estate plan in the first place.
We have written about reviewing your estate plan before. Here are a few articles as a reminder:
- Make List, Update Often
- 3 Steps to a Thoughtful Beneficiary Review
- The Handy Dandy Super Easy Estate Planning Checklist
The July 4th holiday usually marks the start of summer but it also means that we are already half of the way through the year. With that said, if you have not yet gotten around to drafting an estate plan, make that a goal to complete before the end of the year. If you do have an estate plan, dust it off and take a moment to review it to verify that your wishes are still accurately reflected in your current plan.
Going forward, make a point to schedule the time to review your estate plan. Just as you schedule regular maintenance for your car or regular check ups with your doctor, do the same for your estate plan – which not only includes your Will or your Trust, but also your finances and beneficiary designations.
For more on the subject, see this morning’s article on Forbes.com – Why You Should Update Your Estate Plan.
