Myth: My estate plan was executed 20 years ago. I don’t need to look at it again.
Truth: Most estate plans consist of a last will and testament and/or revocable living trust, power of attorney for finance and healthcare, and a living will or advance care directive. While it can be a weight off your shoulders to complete your estate plan, estate planning is generally not a one-time event. Planning for death or incapacity should change as your life changes.
A client in their 20s or 30s may be most concerned about naming a guardian for their children and making sure that any inheritance left to their children can be managed by a trusted friend or family member in the event of the client’s untimely death. In contrast, a client in their 60s or 70s may be more concerned with planning for incapacity and possibly including their grandchildren as potential beneficiaries of their estate.
The plan you created 20 or 30 years ago may no longer accurately reflect your wishes regarding distribution of your assets or end of life care. It’s always a good idea to review your estate plan periodically (at least every few years) to make sure no changes need to be made due to a change in your family situation or a change in the law.
At Lodestone Legal Group we are here to help with all of your estate planning needs. If you are interested in setting up a free initial consultation to further discuss your particular situation or if you have any questions, please give us a call at 615-807-1240 or contact our estate planning attorney directly at firstname.lastname@example.org. We look forward to working with you!