Many people create an estate plan, tuck it away, and assume their job is done. But the truth is, life changes—and so should your estate plan. At The Estate Planning Law Center, we always recommend reviewing your estate plan regularly to make sure it still reflects your current situation and goals. Take Maria and John, for example. They created their estate plan five years ago, shortly after their second child was born. At the time, their priorities were simple: protect their children and ensure their assets were distributed fairly. But since then, their lives have changed significantly. They’ve welcomed a third child, bought a vacation home, and started a small business. When Maria and John came to The Estate Planning Law Center for a review, they were surprised at how outdated their plan had become. Here’s what we updated for them: Adding Their New Child: Their original plan didn’t account
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Has your financial or medical situation changed since your plan was created? Have any of your children or grandchildren gotten divorced and remarried, or started families of their own? Do your beneficiary designations continue to reflect your wishes? What about the people you have chosen to make financial and medical decisions on your behalf—are they still willing and able to do so? Are all of your trusts properly funded? Your plan must take all of these issues, and more, into account for it to accomplish your goals. The fact is, an outdated or improperly designed plan is often worse than having no plan at all. As 2020 begins, you’ll likely reflect upon what kind of year 2019 was for you and your family. In doing so, we hope you’ll also take time to review your plan and update it to take into account any changes in your financial, medical and
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