Laura and Frank had created their estate plan over a decade ago. At the time, their two children were young, and their financial situation was stable but modest. As the years passed, their lives changed in ways they hadn’t anticipated. Their children grew up and moved out, and Frank’s business had taken off, leaving them with more assets than they’d ever imagined.
One evening, after dinner with friends, the couple realized they hadn’t updated their estate plan in years. Frank remembered their lawyer mentioning that estate plans should be reviewed periodically, but it hadn’t seemed urgent at the time.
“We should really look into that,” Frank said, as they drove home. Laura nodded, knowing that their estate plan probably didn’t reflect their current situation. They decided to schedule a review with Polaris Estate Planning & Elder Law.
When they sat down with the team, Laura and Frank were surprised at how much their old plan needed updating:
- Changes in Assets: Since their financial situation had changed dramatically, they needed to update their plan to account for their increased wealth. Polaris recommended setting up a trust to protect their new assets from unnecessary taxes and to streamline the transfer to their children.
- Changes in Family: Their original will had named guardians for their children—something that was no longer relevant now that their children were grown. Polaris helped them adjust their estate plan to reflect their current family structure.
- Changes in the Law: Over the past decade, estate tax laws had changed. By updating their estate plan, Frank and Laura could minimize the taxes their children would face when inheriting their estate.
After the review, Frank and Laura left with a renewed sense of security. They knew their plan was up to date and reflected their current life situation. Most importantly, they had peace of mind knowing that their children would be taken care of.
If it’s been a while since you last reviewed your estate plan, don’t wait. Life changes, and so should your estate plan. Request a free consultation today here to make sure your plan reflects your current situation.