The first three meetings (Part 1, Part 2, Part 3.1, Part 3.2) set an extremely solid foundation for your family and your finances. Now you can sit back, sip some lemonade (or whisky), and never look at your estate planning docs again, right?
WRONG! Trusts, wills, and powers of attorney are powerful legal documents, and you can’t just stick them in a drawer and hope that they still reflect your wishes when you die decades later. Your life changes, your assets change—and we know this all too well—the laws change.
Many of our clients pay to meet with us every year to make sure their plan stays up-to-date. For a modest annual set fee, you meet with me to review your plan design, and make sure it still constitutes your current wishes.
Want to remove your parent as a trustee? No problem, I’ll prepare an amendment to take care of that, and the work is included in the annual fee.
Want to remove your brother-in-law as guardian for children, since he’s going through a nasty divorce and you don’t think he’s the best choice anymore? OK, we’ve got you covered. We’ll fix your last will and testament, and again, the price is that same upfront annual fee.
Got a new 401(k) plan at work, and don’t know who to name? Call me and I’ll guide you, or even fill out the form for you. All included in the annual fee.
Missouri legislators modify our rules on when a family member can make medical decisions for you? No problem, make your yearly appointment with me and we’ll update your healthcare powers of attorney. The cost is covered by the annual fee.
An entirely new President, Senate, and House of Representatives are elected and the tax law is changed drastically? Come on in and I’ll revise your tax formula, if needed. All included in the annual fee.
The antiquated paradigm for estate planning is to “set it and forget it,” and we see frequently the problems that arise when people do this and then die without updating their plans. Your life changes constantly, but because you’re living it, it’s imperceptible. It’s like your hair growing: you know it’s happening, but it’s so gradual as to not be noticeable. Your life is the same way, and when it comes to something as important as providing for your family, it’s just good practice to make a plan and consistently revise it to make sure it’s the best it can be, in case an untimely event arises. Some people take more time writing up instructions for their babysitter when they go out on a Friday night, than they do making plans for the rest of their kids’ lives. What sense is there in that?
Generally speaking, your plan is set in stone when you pass. Our question for you is, don’t you want to make sure it’s right, while you’re still alive, and still can?
*The choice of a lawyer is an important decision, and should not be based solely on advertisements.*
