Estate Planning is Not a One-Time-Only EventLife changes. So do people and circumstances. The person you were even a few years ago is probably not the same person you are today. So those critical estate planning documents, like your advance healthcare directives, powers of attorney, guardianship nominations, wills and trusts need to be reviewed and updated regularly; once a year on your own, and every 5 years with your attorney. Blended Families and Estate PlanningSecond marriages and blended families, for example, can create estate planning challenges that must be addressed. If you want to make certain your children from your first marriage receive your inheritance, you need to make that clear in your estate plan. If your new spouse is to become your healthcare surrogate or financial power of attorney, those documents need to be updated as well. Not only do they need to be updated, they must be accessible. Estate planning documents that are sitting in a safe deposit box that no one can get into are useless - especially in an emergency. The First Step in Estate Planning is CommunicationThe team at Rusconi, Foster and Thomas says the best first step for estate planning is to talk with your loved ones about your wishes. Then put it in writing. If your family knows what to expect, there should be no surprises, hurt feelings, or fractured relationships once you are gone. Need assistance with updating your estate plan? Contact us today.
3 Comments
1/6/2022 08:02:58 am
I want to make sure that my assets are distributed how I want them to be when I pass on. It makes sense that proper estate planning would be important. I'll be sure to be prepared to make updates to it as my life goes on and changes.
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3/2/2022 05:24:42 pm
I like how you mentioned that updating your estate plan is important when there are changes in your life. I remember when my father told me that he is planning to start estate planning for his assets, and he asked if I have any idea what is the best option to do. You did a great job of explaining the importance of planning and I'll be sure to consult an estate planning attorney as they can help with the process.
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4/7/2022 02:01:09 pm
It really helped when you talked about estate planning and how we should keep updating it as we grow old. My wife and I think it'd be wise to start thinking about our estate planning documents. We believe we should find an estate planning lawyer to guide us through our project, so we'll look into it. Thanks for the advice on how estate planning requires different types of documents
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