By Tamara Cain, Attorney and Estate Planning Educator, Cain, Cain & Janik
Q: Once I sign my estate plan, am I finished?
A: That may be the most common misconception I encounter in estate planning. After helping hundreds of
families over many years, I’ve noticed that most people view estate planning as a project. They gather information, meet with an attorney, sign documents, and check an important item off their to-do list. Once the documents are signed, they are placed in a safe location and often remain there for years without any other thought.
The problem is not that the plan was poorly designed. In many cases, the plan was exactly what the family needed at the time. The problem is that life continues to move forward while the documents remain unchanged.
When I meet with families who created their plans ten, fifteen, or even twenty years ago, I often find that their circumstances have changed significantly. Children have grown up and started families of their own. Grandchildren have arrived. Marriages and divorces have reshaped family relationships. People named trustees, personal representatives, or powers of attorney may have moved away, become ill, or passed away. Assets that once represented a substantial portion of the family’s wealth may have been sold, inherited, or replaced with something entirely different.
Our experiences teach us that estate planning is not really about documents. It is about people. And people rarely stay the same over the course of twenty years.
In our practice, we often work with families during some of life’s most difficult transitions, including disability, illness, and death. Those experiences have reinforced an important truth: the plans that tend to work best are usually the ones that have been reviewed from time to time as life unfolds. Major revisions are not always necessary. Often the greatest value comes from simply confirming that the plan still reflects the client’s wishes and that the individuals named in important roles are still the right choices.
There is another benefit that is frequently overlooked. A periodic review helps establish or maintain a relationship with an estate planning law firm before a crisis occurs. When a spouse becomes incapacitated or passes away, surviving family members are often overwhelmed and uncertain about what steps to take next. Having a trusted professional who is already familiar with the family and their planning can provide both guidance and peace of mind during a difficult time.
A Good Rule of Thumb
Consider reviewing your estate plan when:
• A family member dies.
• A marriage or divorce occurs.
• A grandchild is born.
• Significant assets are acquired or sold.
• Someone named in your documents can no longer serve.
The goal is not to constantly rewrite your estate plan. The goal is simply to make sure it still tells your story and carries out your wishes. After all, estate planning documents may sit quietly in a drawer for years, but eventually they have a job to do. When that day comes, you want them to work for the family you have today, not the family you had twenty years ago. Consider this your invitation to dust off your own estate plan and look at it through the lens of today’s laws, your current assets, and your family dynamics as they exist today. You’ll be glad you did.
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For more information about estate planning call Cain, Cain and Janik at 405-364-2246 or
visit www.EstatePlannersforLife.com.
