You have met with your Estate Planning attorney and have completed your estate plan. You want to take care of your family, and the estate plan that was created for you addresses the issues and concerns you have regarding your estate, children and legacy. All done? Not really. The plan that was created for you can only address the concerns you know about at the time the estate plan is developed. No matter how good the estate planning attorney and the documents are, there are still things that are unknown –
You don’t know when you are going to die.
You don’t know what the law is going to be when you die.
You don’t know what assets you will have or how those assets are titled when you die.
You don’t know what your family situation will be at the time you die.
You don’t know what is going to be important to you at the time you die.
Did this one-time transaction ensure that your estate plan would take care of your family the way you intended? Probably not, since many factors can impact the estate plan between the time you create it and the time you leave this world.
So how do you make sure your plan works when it is supposed to? By reviewing and updating your plan as you move through life. Ideally, you want a plan that –
Allows you to communicate with your estate planning attorney without worrying about receiving a bill for every telephone call.
Evaluates your asset alignment on a periodic basis to ensure that the assets are properly allocated and titled.
Incorporates a Family Meeting to explain your plan to your family and those who will ultimately be administering and managing that plan, allowing you to be an active participant.
Reviews and updates your estate plan periodically to incorporate changes in the law and family situation.
Collaborates with your financial advisors to ensure that your financial plan and insurance is aligned with your estate plan.
We can assist you with your planning now and as things change in the future.