Three essential lessons learned from years of estate planning practice. Learn why timing, review, and communication are crucial to successful estate planning.
After years of practicing estate planning law, there are key lessons I have learned that I want to share with clients and potential clients.
The first lesson is to not procrastinate on estate planning. It is easy to think you are invincible, but I have seen multiple times clients are in the middle of the estate planning process, but never execute their documents.
Life can change suddenly, and you want to make sure your estate planning documents are in place before you need them. Do not wait until it is too late.
Review your estate plan periodically. It is easy to draft and sign your estate planning documents and think "I am done adulting," but estate planning is not a one-time event.
Review your documents every year or two and make sure it is still what you want. Life changes, laws change, and your estate plan should reflect your current situation and wishes.
Have important conversations with key people in your estate plan. Your Trustee or Personal Representative should have a basic idea of the responsibility they are undertaking, and you want to ensure they can mentally handle the role.
Do not assume people will automatically know what to do or that they want to take on these responsibilities. Communication is essential for a successful estate plan.
Estate planning is crucial and complex. Working with an experienced trust and estate attorney ensures your documents are properly prepared and your wishes are clearly documented.
Key takeaways:
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This article is for informational purposes only and does not constitute legal advice. Please consult with an attorney for advice specific to your situation.
This article provides general information, but every legal situation is unique. Our experienced attorneys can provide guidance tailored to your specific circumstances.
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