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When Maria and John came to The Estate Planning Law Center for a review, they were surprised at how outdated their plan had become.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 for their youngest child. Without updating their will, this child wouldn’t have been provided for. We helped them update their will to include all three children as beneficiaries and revise the guardianship arrangements.
- Addressing New Assets: Since their estate had grown with the purchase of a vacation home and the success of their business, we recommended setting up a trust. This would protect their assets from unnecessary taxes and ensure a smooth transfer to their children.
- Adjusting Powers of Attorney: Maria and John had originally designated each other as powers of attorney, but as their family grew, they wanted to add a backup in case both were unavailable. We helped them update these documents to reflect their current needs.
- Updating Healthcare Directives: Finally, Maria and John had revised their views on healthcare decisions as their family grew. We assisted them in updating their advance directives to ensure their medical wishes were clear and current.
By regularly reviewing their estate plan, Maria and John were able to ensure that their family was fully protected, and their assets were secure.
If it’s been a few years since you last reviewed your estate plan, now is the perfect time to take another look. Register for a workshop today here and we’ll make sure your plan is up to date and aligned with your current situation.
