In this episode, Tim discusses why estate plans should undergo regular maintenance.
Podcast Transcription:
WRVO Producer Mark Lavonier:
This podcast is part of the series Estate Planning Pro Tips, hosted by attorney Tim Crisafulli of Crisafulli Estate Planning and Elder Law P.C., an estate planning, probate and elder law firm serving clients throughout central New York. A former school teacher, Tim explains complex legal subjects in an easy-to-understand way. The commentaries focus on the central aspects of estate planning, such as wills, trusts, asset protection, long-term care, and probate. And now here's Tim.
Tim Crisafulli:
Everything changes. Sure, there's a certain peace of mind that comes with completing the last will and testament. But what may have been a good fit years ago might need to be updated.
I often find that the first time anybody completes a will is when they have their first child, and they take that first trip without the child. Foremost on their minds is who would serve as guardian if they pass away with one or more minor children. So they create a very simple will appointing a guardian, then that very simple will sits for a long, long time.
In the interim, children grow. Assets may grow, laws change, and life may throw some complications, such as failed relationships, health issues or disabilities. People buy and sell assets. They build businesses. They purchase insurance. In sum, things change.
I think it prudent to revisit estate plans at least annually, and certainly whenever a major life event occurs. It is also important to remember that a plan is more than just having a will. It's ensuring that all beneficiary designations are up to date, that assets are properly titled, and that planning is in place to accommodate whatever changes life brings.
