Life in Idaho is Always Changing - Has Your Estate Plan Kept Up

When you create your estateplan, it is important that you recognize estate planning as a continual process.As the days go by, your life changes …and your plans need to reflect that. Haveyou checked over your estate plan recently? It may be time for a review.

No one said proper estateplanning was an easy task. Once signed, sealed and delivered, most of us wouldrather not reopen and revisit the decisions contained in legal documentsfocused on our own morbidity and mortality.

This natural reluctance is thefocus of a timely MarketWatch articletitled “Make your heirs happy: Update your will.”

According to a recent ConsumerReports survey, 86% of respondents who had wills or other estate documents hadnot updated them within the past five years. How much happens in five years?!Five years ago it was 2008, the time of the market crash and the destruction ofso much wealth and planning in the real estate crash. In addition, the lastfive years have witnessed five different taxation regimes governing estate andgift taxes.

Aside from financial and taxchanges, what about changes closer to home? How many new family members arethere and how many have passed? And how much has your own perspective on theworld changed?

While there are logical reasonsto review your legal documents once created, there is also an emotionalreluctance to do so. Accordingly, it is best to make this another one of yourscheduled “to do” items on your calendar.

As the MarketWatch article confirms, following through on your regularlyscheduled estate plan review and update will make your heirs happy, and ensurethat your own decisions are honored.

At IdahoEstate Planning we are the expertsyou need to know and trust. Work with us and we'll put together a plan thatworks for you and your loved ones. Remember, goodplanning is no accident.

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