Many of you reading this are sitting at home with time on your hands. You can only watch so much Netflix, so perhaps now is a good time to dig your estate planning documents out of the drawer or safe and read them.
As this recent article points out, estate plans – like any other plan – should be reviewed periodically. Will your documents do what you think they’re supposed to do? Are they just a bunch of random documents or part of an overall plan? Are the right people in the right roles?
Are you and everyone involved in your plan in the same exact family, financial, and health situations you all were when your plan was created? Are you in the same state? Your estate plan should comply with your state of residence’s laws, not another state’s laws.
As I tell my clients, an estate plan is not a bucket list item – you can’t just create a plan and then cross it off the list. It’s a process that will provide what’s needed to guide your loved ones when you’re no longer able to help them.
So, take a good look at your current estate plan and its associated documents now. If anything needs work, contact a local estate planning or elder law attorney. Most of us can meet with you virtually via phone or Zoom video conferencing and make safe arrangements for executing documents. This is one thing that doesn’t need to wait until the world returns to normal.
And then review them every 3-5 years, or when you or your family members experience major life events. Remember, you’re not doing this for you…you’re doing it for them.