Bay Area Estate And Tax Planning Law Firm

No estate plan is forever viable: when to update key documents

On Behalf of | Dec 28, 2018 | Uncategorized |

Many people feel justifiably proud — as well as relieved – following their completion of a sound and comprehensive estate plan.

And they should, obviously. Knowing that key life objectives have been promoted through the execution of a tailored and well-crafted legal strategy is immensely comforting to legions of individuals and families.

Forbes researcher and retirement columnist Bob Carlson certainly knows that to be true, although he duly counsels that document execution is merely akin to a battle half won.

Necessary revision looms large.

Although Carlson stresses that estate administration updates are not always an urgent imperative, the need for some adjustments does crop up for most planners occasionally.

Put another way: Life does intervene, and the passage of time materially affects all families. Carlson stresses that, “If you have an estate plan, your work isn’t done.”

The bottom line regarding any plan – even one that was painstakingly created – is that post-execution realities will arise that require its modification. Estate planning-linked state laws sometimes change. Family composition changes over time owing to things like marriage/divorce, births and the deaths of loved ones. A move from one state to another can trigger the need for document revision to ensure conformity with new requirements.

Indeed, factors necessitating adjustments can owe to several of those things and many additional matters as well. Many planners need to pay attention to beneficiary designations relevant to retirement accounts and insurance policies. Selected trustees, executors and guardians that made optimal sense a few years back might now seem wrongly appointed and needing to be changed.

In short, even the best estate plans merit a hard and impartial look occasionally, coupled with some tinkering to ensure tight viability into the future.

A proven estate administration attorney can centrally help with the process.