Back to School is the Perfect Time to Check Up On Your Estate Plan

Parents are probably already being bombarded with “back to school” advertising. With school just around the corner, there’s plenty of organizing and shopping to get done. One item every family should add to the list – checking in on your estate plan.

Life is about to get much busier for most families as children need to get to and from school and extracurricular activities. Knocking out a thorough review and update of your estate plan now takes one more thing off your plate. There are some key questions you should be asking during this time about your estate plan.

When was the last time you updated your plan?

The rule of thumb is to update your plan every three to five years. Have you taken a look at your plan in that timeframe? This timeline is too wide for some families, though, as it’s necessary to update your estate plan anytime family circumstances or finances change as well as any time the law changes.

If you’ve had major life changes in the summer or you’re coming up on three years since the last time you touched your plan, the best time to do it is now. When life gets busier in the fall our lives move faster and we can miss and prolong previous deadlines.

Does your plan still do what you want it to do?

Generally, our first estate plan is not our final estate plan. There are too many changes throughout life and, ideally, an estate plan will have been formed early on. A thorough review of your plan can catch any nuances from leftover plans.

You should never “set it and forget it,” as this could expose your beneficiaries and heirs to risk later on. A plan that doesn’t fulfill your intentions and remains untouched could end up in dispute during the probate process and cause rifts between family members.

Are you paying an attorney every time you update your plan?

One of the biggest hesitations people have in updating their plan is paying another attorney fee. Estate planning can be expensive depending on your circumstances, so why should you have to reach into your pocketbook yet again?

At Elder Advisors Law, we see and understand this concern. We don’t want our clients to hesitate to pick up the phone and update their plans. That’s where our TLC Maintenance Program comes in. Members of our program don’t have to pay to check in on their estate plan with us. We work with you to ensure life and legal changes don’t get your plan lost in the past.

We take a team approach to estate planning with our clients. We will have regular check-ins to ensure your plan is fulfilling your goals and up to standard with the necessary laws and regulations. Contact us today and join the team.

Parents are probably already being bombarded with “back to school” advertising. With school just around the corner, there’s plenty of organizing and shopping to get done. One item every family should add to the list – checking in on your estate plan.

Life is about to get much busier for most families as children need to get to and from school and extracurricular activities. Knocking out a thorough review and update of your estate plan now takes one more thing off your plate. There are some key questions you should be asking during this time about your estate plan.

When was the last time you updated your plan?

The rule of thumb is to update your plan every three to five years. Have you taken a look at your plan in that timeframe? This timeline is too wide for some families, though, as it’s necessary to update your estate plan anytime family circumstances or finances change as well as any time the law changes.

If you’ve had major life changes in the summer or you’re coming up on three years since the last time you touched your plan, the best time to do it is now. When life gets busier in the fall our lives move faster and we can miss and prolong previous deadlines.

Does your plan still do what you want it to do?

Generally, our first estate plan is not our final estate plan. There are too many changes throughout life and, ideally, an estate plan will have been formed early on. A thorough review of your plan can catch any nuances from leftover plans.

You should never “set it and forget it,” as this could expose your beneficiaries and heirs to risk later on. A plan that doesn’t fulfill your intentions and remains untouched could end up in dispute during the probate process and cause rifts between family members.

Are you paying an attorney every time you update your plan?

One of the biggest hesitations people have in updating their plan is paying another attorney fee. Estate planning can be expensive depending on your circumstances, so why should you have to reach into your pocketbook yet again?

At Elder Advisors Law, we see and understand this concern. We don’t want our clients to hesitate to pick up the phone and update their plans. That’s where our TLC Maintenance Program comes in. Members of our program don’t have to pay to check in on their estate plan with us. We work with you to ensure life and legal changes don’t get your plan lost in the past.

We take a team approach to estate planning with our clients. We will have regular check-ins to ensure your plan is fulfilling your goals and up to standard with the necessary laws and regulations. Contact us today and join the team.