We all know the importance of annual check-ups. We have our yearly visits to the doctor and dentist, we review our finances at least once a year during tax season, we even take stock of our closets during spring cleaning! To everything there is a season, and your estate plan deserves no less.
Many people are tempted to think of their estate plan as a one-shot deal, but the truth is that your estate plan is an investment and deserves the same annual maintenance and attention as any of your other investments. In fact, your estate plan is more than an investment of money, it’s an investment in your future, and your children’s and grandchildren’s futures as well.
Take the recent example of Anna Nicole Smith and her out of date Will. Smith’s 6 year old Will leaves everything to her deceased son, and nothing to her living baby daughter. To further complicate things, some of the language in the Will seems to exclude Smith’s future spouses and children. Smith’s Will most likely very adequately expressed her desires for the protection and execution of her estate at the time it was written, but even the best attorneys can’t anticipate how a client’s situation and desires will change in future years.
How often you need to review your estate plan will depend a lot on your family’s personal and financial state of affairs, although not entirely. Families and finances ebb and flow, relationships grow or fall by the wayside, and tax laws definitely change, all of which have a bearing on your Trust, Will, Health Care documents, and others. This means that depending on how in flux your personal/financial situation is, you should be reviewing your estate plan every one to five years.
Keep your estate plan as strong and healthy as your body, your teeth, or your stock portfolio. Call your attorney and review your plan regularly!
By guest blogger Jenni Buchanan
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Posted by: ljckir dcfx | May 19, 2008 at 06:20 AM