Every five to seven years it is wise to review your estate plan, and if there has been any life-changing events, or large purchases, divestments or inheritances, or if you no longer speak to the person(s) you listed as next in line to make the most important decisions of your life for you when you are no longer capable of doing so yourself, it is time to contact your estates attorney and get your estate plan modified. Should you be among the majority who have put off that very important task too long, let this be a reminder that it is NEVER too soon to take care of those near and dear to you.
I was saddened recently to learn that a client of mine passed away, having done all he could to preserve his estate and provide for his intended beneficiaries. Unfortunately, the person he chose as Trustee did not change title to the liquid assets in the estate, thus negating one of the best the reasons for the Trust in the first place. At some cost, I am in the process of rectifying that situation. Please do not be one of those who forgets that every asset that should be in the trust must affirmatively be transferred to the trustee of that trust. It does not happen automatically!
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