I recently went in for an oil change on my car, admittedly later than I should have. Of course, it was no surprise when the service adviser informed me that I had a laundry list of items that needed to be repaired. Several of the problems could have been avoided if I had brought my vehicle in sooner for the proper maintenance. When I saw the final bill, my service adviser could see the look of dismay and concern on my face. He then reminded me that today cars cost a small fortune and it was important to take proper care of the vehicle. By addressing the small issues they are less likely to become big expensive issues.
While this was a difficult lesson for me to learn, I am glad that I did before I was stranded on the side of a freeway when it would be too late.
It struck me that we have many things in our lives that need check-ups such as our cars, homes, bodies and our relationships. Often one of the most important things that needs to be reviewed, but typically isn’t, is our plan for when we pass away.
For those that have created an estate plan, it is important to have them reviewed at least every 3 years. Our lives change more than we realize. We move to a different house, or a different state. We get married or divorced, sometimes both. We buy and sell assets. We may even from time to time like or dislike our children. In addition to the changes that may occur in our own lives, we also have to deal the changes in the local and federal laws that could significantly affect the estate plan that we created. It all can seem overwhelming.
So what does this mean? First, feel good that you have a plan, most Americans have not even created one. Once you have created your plan, keep it updated. Every estate plan needs a check-up. By not keeping your documents up to date you could suffer consequences that you never intended, or you may miss out on valuable updates that were not available when your plan was created.
Advanced techniques in estate planning have provided the Attorneys at Morris Hall, PLLC, with significant new options for our clients. We can address concerns related to long-term care. We can protect our clients’ beneficiaries and their inheritance from divorce, creditors and lawsuits. Additionally, we can provide a mechanism that would allow them to stretch IRA or 401K plans throughout their life expectancy. Additionally, we can help to provide protection for your spouse and minor children when you cannot.
Estate Planning is a process, not an event. As your life evolves so too must your plan!
Contributed by MH attorney West Hunsaker
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.
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