A resume is really just a snapshot of your experience, skill set, and education. It 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 who you are? 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Outdated estate plans—like outdated resumes—simply don’t work.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. Consider all of 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:
4. Divorce or separation
8. Health challenges
9. Financial status changes—whether good or bad
10. Tax law changes
11. Move to a new state
12. Family circumstances changes—whether good or bad
13. Business circumstances changes—whether good or bad
If you’re like most people, if updating your estate plan is 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 your estate planning attorney on a regular basis as well.
Our office can help to ensure that 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.
If you want to ensure that your family is cared for, please click here to schedule your complimentary Estate Planning Strategy Call with San Francisco’s premier estate planning attorney, Matthew J. Tuller.