Updated 9.15.25
After executing your documents and successfully implementing the plan, you are done — at least well for a while. Remember, estate planning and estate planning documents create a flexible framework to help navigate life’s uncertainties. As life changes, you need to review and potentially rethink your planning. Below are a few examples of what may prompt you to do so:
1. Birth of a family member or another family member that is relevant to your estate plan.
2. Death of a family member or another family member that is relevant to your estate plan.
3. Marriage of a family member or another family member that is relevant to your estate plan.
4. Divorce of a family member or another family member that is relevant to your estate plan.
5. Changing jobs.
6. Moving to a different state.
7. A material change in finances.
8. An adverse change in your family relationships, including those relevant to your plan, and especially relating to your designated fiduciaries.
9. A significant change in health.
10. Your children become adults.
11. The state laws changes.
12. The tax laws change.
13. Family dynamics have changed.
14. You acquire assets in other states.
15. You own interests in small closely held businesses.
16. Your assets have grown and/or become complex, such as through inheritance, work or luck.
17. Your family members become disabled or suffer from addiction.
18. You change your mind which usually happens because of one of the above reasons.
Regarding business interests large or small, it is important to revisit estate planning whenever there is a financial event of any magnitude that is material to your planning. Whether it is an exit, succession, great year, or terrible year, these are moments to consider a sit down with your estate planning and business planning attorney (we uniquely wear both hats).
All of the above that are applicable to your parents and children should also trigger a review. This is especially true for your young adults that just went off to college. What a terrible surprise it is to find out that you cannot have access to information to your little baby now that he or she is 18 years old.
Beyond the above, admittedly, there are a lot of things that should trigger a review. What’s important is that you are working with a firm that will follow up with you as part of its process. You shouldn’t be expected to recognize the above items on your own. You’re not trained for it, and life is too fast, noisy and distracting for you to learn it. Why should you anyway? There are professionals like us that only do this type of work, so call us so we can help make your life better.
At your first meeting, you should ask your attorney about their representation process. Then ask them how they approach representation after completing the work. It will catch them off guard as they probably don’t get asked that question often. Do they have a system? How often do they contact you and how do they contact you? Quarterly, semi-annually, annually? Is it via email, phone or text? Do they let you know of changes so you can prepare and respond accordingly? Do they post helpful content on their social media? Do they ask you to complete your free RateMyEstate AI Risk Assessment by Estate Studio? (use only on a computer). These are things that can and should be done for you regularly.
The bottom line is that your estate and business planning are living things. They require nurturing and attention periodically but regularly. Make sure you and your professionals making up your “Trifecta of Representation” are on the same page here too.
One final but important point: you need to work with someone you trust. Frequently, people bring their preconceived notions of attorneys or their bad experiences into the relationship with a new attorney. Just like dating, it’s baggage that can be a real problem and barrier to relationship development and establishing trust and respect. It’s important that you engage with someone who you trust because they are going to make recommendations to you and your family and you shouldn’t start from a place of suspicion or distrust. There are very qualified and competent attorneys in your community that are a pleasure to work with and are very happy to help you. We are one of them. Feel free to call us for a short preliminary call to talk high level about your needs and goals, as well as our process, timeline, scope and price.
Author:
Barry E. Haimo, Esq.
Haimo Law
Strategic Planning With Purpose®
Web: haimo.law Email: barry@haimo.law
YouTube: http://www.youtube.com/user/haimolawtv
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