Seasons Are Changing – Update Your Estate Plan
Fall is in the air! Coffee Shops are selling pumpkin spice lattes, the kids are back in school, and it’s cool enough some nights to turn off the AC and sleep with the windows open! Autumn is so magical. The changing of seasons leads to lots of things in our lives and routines being changed. Whether it is decor in your home, pulling out the sweaters, or having a normal pick-up/drop-off time at your kid’s school, it’s time to change things over.
And just like you update your wardrobe to reflect the seasons and changing weather, it’s good to take a look at your estate plan to make sure it’s right for you in this season of life.
Why Update Your Estate Plan?
In previous generations it was very normal to do your estate plan once and then never touch it again. And, truth be told, this is better than nothing. But just because it’s better than nothing doesn’t mean it’s the best practice or gold standard. When it comes to estate planning we aim for the gold standard!
The reason why it was okay for our grandmother’s generation to do an estate plan in their 30s and never touch it again, was back then a lot stayed the same. People didn’t move around as much, crypto didn’t exist, and what they wanted in their 30s didn’t change much over the years.
But today things change rapidly! Technology and the world are ever changing. Laws and legislation are trying to keep up, so they change a lot too. Despite being the most connected generation of all time, relationships often crumble beyond repair. Life moves fast. Your estate plan should be reviewed to account for any major life changes.
When to Review Your Estate Plan
We always recommend that you review your estate plan annually, at a minimum. Fall is a great time to review and make changes. You’re settled into the post-summer rhythm, the holidays are still a couple of months away, and you haven’t made any New Year’s resolutions you’re trying to maintain. Things may be busy, but they aren’t crazy… yet.
So, now is a great time to take a quick look at everything and determine if you need to update anything. Then call us if you do!
What to Look At
It’s important to review your entire estate plan each year. This is to be certain that it still says exactly what you want it to. If it’s still in line with your wishes, great! You took a look and don’t need changes. But if it isn’t, it’s usually a very easy process to update it.
You’ll look at your Trust to make sure you are still happy with the choices you made for trustees and beneficiaries. You also want to make sure you’re still pleased with the type of distribution method you’ve put into place.
In the Will you will check your executors, guardians for minor children, and beneficiaries. Make sure there haven’t been major changes like births or deaths of key people.
For your Powers of Attorney you want to make sure you are still on board with the agents you’ve chosen. Do you still want that person making financial decisions on your behalf? Is your medical agent still on board and understanding of your wishes and preferences?
Does your Standby Guardian still live nearby? Are you still okay with them hopping in and caring for your minor children in the event you’re incapacitated?
Situations For Updating Your Estate Plan
We all wish estate planning was a one and done thing. We don’t like thinking about our death either. But it’s important that when things need to be updated you handle them quickly!
In many cases, people need to update their estate plan because of changes in relationships with key people. This can be incredible heartbreaking. Many parents have children with substance abuse issues and it’s unsafe for them to receive a large inheritance. Other people suffer the death of a key person in their plan. That person needs to be replaced. Maybe your estate plan was made when your child was a baby and you’ve discovered your child has developmental disabilities and their inheritance will need to be distributed in a way that won’t disqualify them from government benefits.
Our maybe your changes in relationship bring you a lot of joy! You’ve gotten married. You’ve had a child. You want to provide for grandchildren. Your grandchild has become a nurse and you want them to be your medical power of attorney.
These are just a few of the reasons you’d need to update your estate plan. And that’s normal! Because estate planning is not a one and done anymore. Your estate plan should be treated like a living document until you are no longer alive.
We are Here to Help!
No matter if we helped you write your original plan, you had another firm help you, or you wrote it yourself on notebook paper, we are here to help you get your estate plan updated to reflect your life and wishes in this current season. Call us at (404) 736-6066 or visit our website to schedule a consultation this fall!