Got a minute? I would like you to jot down any changes, big or small, that have occurred in your life since November 2022. I’ll provide a quick checklist below to get you started:
Did you …
- Get married or divorced?
- Welcome a new family member into your home?
- Lose a loved one, such as a spouse, parent, child, or sibling?
- Adopt a new pet?
- Suffer an estrangement from a close friend or loved one?
- Retire, move to another state, or inherit a significant sum of money?
- Experience a health emergency?
- Begin investing in Bitcoin?
I’m guessing many people, when reviewing this list, could answer “yes” to more than a few of these questions. So, why am I asking? It’s simple. If you made out your will or estate plan more than 3 years ago, AND you nodded your head to some of the above changes, we should talk, because it likely means your estate plan needs to be updated. (As an aside, my estate planning clients enjoy a complimentary review of their estate plans with me every three years. This is my way of helping to ensure their plans are current and still reflect their goals and desires.)
Some of the changes are obvious triggers to update your plan (or start one if you don’t have one). Those would include getting married or divorced, bringing a new baby into your home, or moving to a different state. Some might not be so obvious. Like adopting a new pet or having an argument that results in estrangement from a friend or loved one.
Many pet owners view their pets as family, and rightfully so. As such, while your pet can’t be your heir, you can set up a trust for its ongoing care if something happens to you. We hear terrible stories of pets being dumped at shelters (or worse) because the owner passed away and relatives didn’t want to take responsibility for the animal. Your furry friend deserves better. Don’t you think?
Perhaps several years ago, you asked your best friend at the time to be your executor, and they agreed. But fast-forward to today. Are you still best friends? Is that individual still the best person to be your executor? What if you had a big fight two years ago and haven’t spoken since? Do you really want that person in charge of your affairs if you pass away?
As you know, more and more individuals are investing in Bitcoin now. Are you? If you are, have you provided all the information your loved ones will need to access your accounts if something happens to you?
And while all of the changes on the list can impact your estate plan, one you might not want to think about is, did you experience a health emergency in the last three years? If so, let’s get together to review and update your medical directives and living will. Don’t have those? No time like the present!
Few adults can claim they have had absolutely no changes in their lives over the past three years, which means there is a good chance their estate plans are no longer current, which can lead to significant issues for your loved ones if you die before updating your plan.
Let’s get together soon to review (or begin) your estate plan to ensure you are doing all that you can to protect your hard-earned assets and loved ones. Please call me today at 513-399-7526 or visit my website www.davidlefton.com for more information.