Estate planning is vital to financial wellness, but as your life evolves, so should your plans. Many individuals start with a modest estate and simple plan, but as time passes and their circumstances change, they may find that what worked for them initially is no longer adequate.
When Simplicity Becomes Insufficient
A general practitioner attorney may be sufficient to handle your estate planning needs in the early stages. However, with the growth of wealth or the complexity of personal situations, you may have outgrown these initial arrangements. If your net worth has substantially increased, it might be time to reassess the suitability of your current estate plan.
Current Wealth Versus Past Plans
Ask yourself if the planning reflects your current financial standing and personal circumstances. What may have been a thorough plan years ago could now expose you to unnecessary risk or fail to take advantage of new opportunities. For example, the addition of a special needs child to your family or new asset protection concerns are critical factors that necessitate an updated estate plan.
Have You Exceeded the Skills of Your Estate Planning Attorney?
Complexity in your life doesn’t just warrant a second look at your estate plan; it also raises the question of whether your attorney’s expertise still matches your needs. The intricacies involved in managing larger, more complex estates require specialized knowledge.
Complexity Demands Expertise
Areas such as Medicaid, elder law, and the making of multi-million-dollar gifts are niches that require specific legal knowledge. Additionally, the coordination of layers of trusts and business entities demands an attorney with a specialized skill set that can navigate corporate and real estate requirements alongside estate planning.
The Importance of Adequate Representation
As your estate grows, the importance of an attorney who is current with the latest trust and tax laws cannot be overstated. Simple errors or omissions in estate planning can lead to significant consequences down the line. So, when your life circumstances become more complex than your current estate plan can handle, it’s crucial to engage a specialist who can provide the level of service required to ensure your estate is well-managed and your legacy secure.
In conclusion, reviewing your estate plan is not a one-time task but an ongoing process that should evolve as your life does. If your estate has grown or your life has become more complex, it’s crucial to work with a specialist who can navigate these changes and provide tailored advice. Regularly updating your estate plan with a qualified attorney ensures that your wishes will be honored and your loved ones protected, no matter how life unfolds.
If you are a Legacy client and have questions, please do not hesitate to contact your Legacy advisor. If you are not a Legacy client and are interested in learning more about our approach to personalized wealth management, please contact us at 920.967.5020 or connect@lptrust.com.
This newsletter is provided for informational purposes only.
It is not intended as legal, accounting, or financial planning advice.
