spring clean your estate plan

If you already have estate planning documents in place (great job, for being on top of your game at some point), the general recommendation is to review them at least every 5 years.  Even if you don't meet me to review them for you (because, yes, there is a charge), you should pull them out for yourself, sit down with a beverage of your choice and check for the following:

• all people named in your documents to assist you when you become elderly or disabled are still living and mentally competent,
• your assets have not significantly increased or decreased,
• your children haven't grown from being minors to adults with different needs and abilities,
• you haven't become a grandparent with a desire to provide for your grandchildren,
• you haven't gotten divorced, remarried or widowed,
• your general wishes are still the same regarding who gets how much of your assets (and again, everyone is still living),
• your wishes for your end of life care haven't changed or become more clear with a specific risk or diagnosis,
• your risk of dementia, Alzheimer's, or other incapacitating diseases, is low or you have your assets in a trust with appropriate transfers of administrative power from yourself to the next trustee, or
• major estate tax, power of attorney, trust or probate laws haven't changed (Hint: these do change regularly).

Chances are, you have been lax in this kind of housekeeping (10 years? 15 years? 20 years? Haven't started?), and it's time to get after it, or put a date on the calendar to do it in the next month or two as spring fever sets in.  If everything looks current and in line with your goals, then you could put your plans away for another few years. If circumstances have changed, you should come in for an official review and update.  You may be unaware of changes in law (just a few include a new federal estate tax exemption level, power of attorney statute (WA), transfer on death deed statute (WA), and directed trust statute (WA)), the general approach to planning may have changed over time, new tools may be available, and you may have something more or less complex than necessary to most efficiently achieve a conflict-free transfer (probate or trust administration) of your assets to your loved ones after your death. 

Inaccurate planning can be worse than no planning.

If you need assistance with updates, or new planning altogether, call Megan Lewis Law, PLLC at (509) 557-7797 for estate planning and probate in Spokane or Bellingham, WA or virtually by email, phone and Skype across Washington.

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