Estate planning can be a little like going to the dentist. You never stop — it’s more like hygiene than a project that gets completed. Both are important, but neither are particularly fun. If any of us actually knew the day we would exit the world, we could simply defer our estate planning until that season. However, that’s not the reality any of us live in, so we must perpetually update the plan as our lives, our goals, and the laws evolve both at the state and federal levels. Luckily, we have a handy Estate Planning Tool available that can make updating your estate plan easier.
We’ve found that sometimes the best estate plans are accretive: gradually growing in their scope and complexity as you age and accumulate more wealth. Don’t let perfection get in the way of planning productivity.
When it comes to estate planning, “failing to plan is planning to fail.” Poor estate planning can destroy family wealth through unnecessary estate tax as well as litigation among heirs.
Before you update your plan, it’s important to consider issues related to your beneficiaries, children, assets, property, and more. Download our Estate Planning Tool to get started.