I have heard it said that “action today can prevent a crisis tomorrow.” The evil of procrastination is especially common when it comes to estate planning. Far too many procrastinate by never actually putting an estate plan into place. Others may demonstrate uncommon wisdom and foresight by working with an estate planning attorney and establishing a trust that will protect their financial and family legacy. But then they put those trust documents into a filing cabinet or drawer and forget about them. Estate planning should be viewed as an ongoing process because we all know that the only absolute constant in life is change. Right?
If there have been any changes in your life to your family, your finances or other personal circumstances, it’s probably time to make sure your estate plan still works for you. You’ll also want to ensure that any changes in the law or your personal circumstances have not made your existing plan obsolete. This is even more important in these uncertain times.
I stumbled across a wonderfully concise article on this topic yesterday written by a friend, Ed Johnson. Ed, a Financial Advisor with California Financial Partners, Inc. in Glendale, California, suggests things to look for when doing a review of your estate planning documents. Do yourself a favor and take a look by following this LINK.
I provide an “Estate Planning Checkup” checklist on my website. You can find that HERE.