How Often Do You Update Your Estate Plan? More Often Than Your Resume?

Sep 26, 2019 | Estates Planning and Asset Protection

A resume is a “snapshot” of your experience, skill set, and education which provides prospective employers insight into who you are and how you will perform. Imagine not updating that resume for 5, 10, or even 15 years. Would it accurately reflect your professional abilities? Would it do what you want it to do? Likely not. Estate plans are similar in that they need to be updated on a regular basis to reflect changes in your life so they can do what you want them to do. 

Outdated estate plans – like outdated resumes – simply don’t work.

Take a Moment to Reflect

Think back for a moment – think of all the changes in your life. What’s changed since you signed your will, trust, and other estate planning documents? If something has changed that affects you, your trusted helpers, or your beneficiaries, your estate plan probably needs to reflect that change.

Here are examples of changes that are significant enough to warrant an estate plan review and, likely, updates:

  • Birth
  • Adoption
  • Marriage
  • Divorce or separation
  • Death
  • Addictions
  • Incapacity/disability
  • Health challenges
  • Financial status changes – good or bad
  • Tax law changes
  • Move to a new state
  • Family circumstances changes – good or bad
  • Business circumstances changes – good or bad 

Procrastination 

With the end of the year fast approaching, call our office now to get your estate planning review on the calendar. If you’re like most people, if it’s on the calendar, you’ll make it happen. Just as you update your resume on a regular basis and just like you meet with the doctor, dentist, CPA, or financial advisor on a regular basis, you need to meet with us on a regular basis as well. We’ll make sure your estate plan reflects your current needs and those of the people you love. Updating is the best way to make sure your estate plan will actually do what you want it to do.

You may also like
Navigating Unemployment Claims for Business Owners in Texas

Navigating Unemployment Claims for Business Owners in Texas

As Texas business owners, navigating unemployment claims requires understanding at-will employment, grounds for benefit eligibility, and the impact on your bottom line. This guide explains when terminated employees qualify for benefits, when to contest claims, and clarifies that employers don’t pay former employees directly but fund the system through either taxes or reimbursements.

Legal Strategies for Protecting Trusts from Litigation

Legal Strategies for Protecting Trusts from Litigation

If you’ve watched Yellowstone, you’ve seen what happens when legacy and law collide. The Duttons use every tool at their disposal to keep the family ranch intact—layering in conservation easements, resisting outside buyouts, and carefully controlling who has access to...

Join the conversation

0 Comments

Submit a Comment