If you were out early this morning, the crisp cool air signals a change. There is something about fall that triggers a retrospection in me. I love the fall and winter because it motivates me to review, refocus and repurpose. Everyone is getting ready for school and anticipation for the holidays seems to occur overnight. One of the legal admonitions I like to tell clients is that working toward a year end goal is important. Many of my clients set the year end goal to be their estate planning. It is one of those things that we talk about but setting forth the year end goal to complete it or review any changes you need to make starts now.
If you don’t have an estate plan (wills or a trust) I like to say that September is a great month to start the process. September is also a great month to set up an annual review of your estate documents. You should confirm executors and trustees and identify any changes that should be made to the documents. The holidays are too busy to cram legal work into the mix so take 5 minutes and ask yourself the following questions to see if you need to see your lawyer:
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Do I have a will/trust, power of attorney and advanced medical directive?
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I have an estate plan but I have not reviewed the terms lately. Do I still want the named executors/trustees or should I change them?
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If I have a guardian for my minor kids named in the documents are these people still the right choice for my kids?
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Are my parents aged to the point I need to think about not burdening them with my estate obligations?
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Have I experienced a death, divorce or disease that necessitates a change in my estate plan?
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Has my financial planner, accountant or lawyer retired?
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My kids have reached an age where I want to give them outright distributions instead of keeping the inheritance in trust?
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I want to delete certain beneficiaries?
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I am selling or buying a new home and I want to update the deed to the trust.
These questions are just some practical and common things that might strike a chord. Take the time to update your estate plan.
Albert R. Hartley