Was your estate plan put together with Windows 95? Then it may be out of date.
Even if it wasn’t, your life has changed in the last decade or two — even in the last three years.
Your goals and desires for after death may have changed as well. Life moves pretty fast, and a wise woman makes sure her estate plan keeps up with it.
Wise women should review their estate plan in two instances.
First, anytime they or any of their loved ones experience a “major life event”, such as death, marriage, birth, divorce, illness, and disability. That could affect how and to whom and when you want your assets distributed.
Secondly, even if you think nothing has changed, I recommend wise women to revisit their estate plan every three years with an estate planning lawyer. It’s possible that laws have changed since you last looked at it, which means it needs to be updated accordingly.
The worst-case scenario in reviewing your plan is that your plan is still exactly how you want it. You can move forward in your life knowing that you have a fine plan in place, bringing a pleasant peace of mind that lasts for three years until it’s time to revisit your plan again.
Of course, a well-written and well-thought out estate plan will address changes and contingencies. For example, it can say that you want to give everything to your daughter, but if your daughter does not survive you, then to your daughter’s descendants. We pride ourselves at My Pink Lawyer® in crafting thorough plans, but in the end, none of us has a crystal ball.
The best estate plan will be flexible to accommodate different scenarios. But it won’t be perfect unless you change it over time as circumstances change. That’s why a wise woman stays up with the times and has an estate plan to match.
Do you need to get your affairs in order? Update your estate plan today by scheduling a consultation with one of our experienced attorneys.
Our private Family Succession Strategy Sessions are by appointment only. Evening and weekend appointments are available upon request.
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