PLAN: Estate planning is for every husband, wife, mother, father, grandparent, business owner, professional, or anyone else who is concerned about providing responsibly for their own well being and for the well being of those they love after they’re gone. When done properly, estate planning requires that a highly trained individual lead you through one or more in-depth meetings to uncover your hopes, fears, and expectations for yourself and for those who are most important to you.
REVIEW: Your estate plan is a snapshot of you, your family, your assets and the tax laws in effect at the time it was created. All of these change over time, and so should your plan. So, how do you know when it’s time to give your estate plan a check-up? Upon the creation of your custom estate plan we will recommend when you should come back to review your plan. Typical suggestions include: 1 year, 3 years, 5 years, or only as needed if a significant change in your family, financial or health situation arises.
FULFILL: If estate planning is the process of designing a playbook, estate administration occurs when the playbook is put into action. The process begins with an event that triggers a provision in your estate plan, such as incapacity or death. The plan becomes ‘executory’, meaning that the individuals you designated in your plan documents must step into action and execute according to your instructions. Estate administration can be complex and the people you have designated must have competent and experienced counsel to guide them through the process. They must make important decisions, sometimes quickly, and they need help to make them wisely.