Your resume is a window into what you offer a prospective employer: your skills, education level, training, prior work experiences, and leadership potential. You want your prospective employer to know who you are, your values, how well you will do your job, and that you will exceed their expectations.
If you did not update your resume for five, ten, or even fifteen years, would it show who you are as well as you need and want it to? Would it help you get the new job that you want? Unfortunately, it probably would not. Your estate plan is similar because you need to update it regularly so that it reflects changes in your life – and it does what you want it to do.
An old estate planning strategy, just like an old resume, will not fulfill its purpose.
Think Back on Life’s Changes
What has happened in your life the last five or ten years? What has happened since you first created your estate plan, whenever that was? If something has changed that affects you, your trusted helpers (Trustee, powers of attorney, guardian, etc.), or your beneficiaries, I would suggest that you should update your estate planning documents to reflect those changes.
The following are a few examples of life changes that are impactful enough that you should have your estate planning strategy reviewed, and if necessary, updated to reflect these life changes:
- The addition of a child or grandchild to your family, either through birth or adoption
- You or a child gets married
- You or a child gets divorced
- Death of a family member, trusted helper, or beneficiary
- Addictions of a family member, trusted helper, or beneficiary to drugs, alcohol, gambling or other harmful activities
- Incapacity/disability of a family member or beneficiary
- Health challenges that you or a loved one begin to encounter
- Financial status changes – good or bad, of yourself, a loved one, or a beneficiary
- Tax law changes that affects how your estate plan works
- Move from Colorado to another state
- Family circumstances changes – good or bad for yourself or a beneficiary
- Business circumstances changes – good or bad for yourself or a beneficiary
No Need to Procrastinate to Update Your Estate Plan
Your life has changed from how it once was and will continue to change. Your estate planning strategy needs to change as well to line up with your life and your goals. Contact The Rains Law Firm or schedule a meeting so we can review your estate plan together. A review of your estate plan is complimentary. Just as you regularly update your resume, I invite you to meet with me on a regular basis as well. I will work with you to make sure that your estate plan reflects your needs and the needs of your loved ones. Regularly reviewing and updating your estate plan is the best way to help make sure that your plan does what you want it to do.