This is the fourth in an ongoing series of articles discussing the true costs and consequences of failed estate planning. The series highlights a few of the most common — and costly — planning mistakes we encounter with clients. If the series exposes any potential gaps or weak spots in your plan, meet with your Personal Family Lawyer to learn how to properly address them.
If you’re like most people, you probably view estate planning as a burdensome necessity — just one more thing to check off of life’s endless “to-do” list.
You may shop around and find a lawyer to create planning documents for you, or you might try creating your own DIY plan using online documents. Then, you’ll put those documents into a drawer, mentally check estate planning off your to-do list, and forget about them.
The problem is, your estate plan is not a one-and-done type of deal.
In fact, if it’s not regularly updated when your assets, family situation, and/or the laws change, your plan will be totally worthless when your family needs it. What’s more, failing to regularly update your plan can create its own unique set of problems that can leave your family worse off than if you’d never created a plan at all.
Read More