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2016-04-29
The Wealth Advisor
The Only Constant in Life is Change

When Circumstances Change, So Should Your Estate Plan

Your estate plan was written to reflect your situation at a specific point in time –  and – as we all know – our lives continually change, unfolding in ways we might not have anticipated. Just like you meet with your doctor, financial advisor, or CPA on a regular basis, you need to meet with your estate planning attorney on a regular basis as well.

In this issue, we:

  • Identify some life changes which typically trigger a need to update your plan;  

  • Examine how often you should “check in” with our office; and

  • Introduce our Annual Maintenance Plan.

Update Your Estate Plan if Any of These 6 Circumstances Apply to You

  1. Marriage, divorce, or death of a spouse

  2. Changes in financial status – good or bad

  3. The launch or wind down of a business

  4. Birth, adoption, or death of a child or grandchild

  5. Change in personal or family circumstances – including the need to replace trustees, address disabilities or addictions, moving to a new state, and more

  6. Change in your goals – such as changing amounts of inheritances, adding or removing a charity, and more

It’s not just changes in your life you need to think about - Congress, the courts, and the legislatures are constantly changing the rulebook. If you haven’t had your will, trust, or estate plan reviewed since 2012, or if any of the above circumstances apply to you, it is important to contact us, so we can get you back on track.

How Often Should You “Check In” On Your Estate Plan?  

If you have not experienced any of the above circumstances, it is still a good idea to check in every 3 – 5 years so we can determine if your estate plan needs to be updated.

Introducing our Annual Maintenance Plan

For clients that want a systematic approach to keeping their estate plan current, we offer an annual maintenance plan (AMP). For a fixed annual fee, the AMP includes the following services:

Legal Directives’ Emergency Information Card (a service that provides 24/7 / worldwide access to your health care power of attorney, advance directive, and HIPAA authorization);

ClientDocx (a service that provides you with an online lockbox);

Wealth Advisor (a monthly newsletter to help make it easier for you to stay informed and engaged in the ongoing estate planning process);

Annual review of your estate plan (including beneficiary designations and conveyance of one deed);

Amendment to change a beneficiary or designated agent (e.g., trustee, personal representative, guardian);

Telephone calls to answer your estate planning questions; and

Notary services at our office.

Life moves quickly and procrastination can harm you and your loved ones. We are here to help you manage your plan.

This newsletter is intended to provide you with general information which may be of interest and of value to you. You should not construe any of this information as legal advice or my opinion as it may relate to your specific circumstances. Please feel free to contact me directly if you would like to discuss your own estate planning needs.

 

Sound Estate Planning, PLLC • 152 3rd Ave. South, Ste. 107 • Edmonds, WA 98020 • (425) 967-7287