Time to update your estate plan?

An estate plan is often, unfortunately, not always high on people’s to-do lists. Once someone signs an estate plan, they may, erroneously, think they have permanently crossed this task off their to-do list. They take their estate plan, put it in a safe place, and never think about it again. This article from the Wall Street Journal, “Haven’t Updated Your Estate Plan in a While? It’s time.,” describes the perils of doing just that:

Financial adviser Bijan Golkar begged his father to update his estate plan after his father divorced and purchased sizable business and real-estate holdings. But despite his cajoling, his father wouldn’t take action. When the dad died three years ago at age 59, he left behind a seven-figure estate, a 15-year-old estate plan and a huge mess for his three sons to clean up… – Cheryl Winokur Munk, (2017, July 26), WSJ

Circumstances in life are always changing and evolving. Baby boomers especially may find that they completed their estate plan thirty years ago when life was very different. Children, divorce, remarriage, death and other significant life changes all drastically affect an estate plan, and one cannot assume their estate plan will still be valid. That is why we recommend that our clients review their estate plan every couple of years, and in some cases, every year.

Should you be interested in discussing any of the issues in this article, please contact Elisheva Cohen at 312.938.4070 or ecohen@boodlaw.com.  Boodell & Domanskis, LLC’s estate planning group can provide counsel on how best to construct and maintain your estate plan to meet your specific circumstances and needs.