What is an EP update and why do I need one?

Imagine that you came in and did your initial estate planning with us twelve years ago.  Your children were 16 and 17 and you were in the middle of lots of work drama, your mother was living close by and your spouse had just started a new business venture.  At that time, we put everything in trust, named your mother and an uncle as successor power of attorney, trustee, and executor.

Fast forward to today.  Your kids have grown into competent, reliable adults and your mother and uncle are having some age-related struggles.  The fledgling business has taken off and both of you are spending time working on that venture, after you left corporate America during the pandemic.  If someone has a sudden crisis, will your plans still be right for you and your family?

Having the opportunity to take a look at the documents, review the changes in your life, and potentially name your children rather than your mother are just some of the benefits of an on-going relationship with your estate planning attorney.  These documents, while created to provide successors and “Plan B” strategies, should be periodically brought into sync with your life today.

The Estate Planning Review process begins when an attorney takes a look at your existing documents and does a synopsis of what is currently in place.  At the EP Review meeting, we'll ask questions like “What has happened in the last 12 years?” and “Are these still the right people? How are your children doing?”.  We can talk about the best way to plan for grandchildren (kind of unthinkable when they were 16 and 17) as well as answer questions you might have about aging relatives.  We'll talk about current tax laws and how they might impact inheritance decisions.  We'll also help you think through the potential cost of long-term care and possible changes to your living situation.  Do your children have healthcare proxies and powers of attorney?  Do they have spouses that you are concerned about?  Have you lent one of them money and want to even things out?

Come in and let us help you bring your plan up to date!

I am looking forward to meeting you and hearing about your family,

Heather