When we purchase new cars the dealership issues us a maintenance schedule that we must follow in order to keep it in proper running order and to ensure that we comply with necessary warranty requirements. The same thing holds true when we purchase a new set of tires. In order to get the most mileage out of them and for proper wear, rotate them every 7,000 miles.
The bottom line is that proper maintenance is necessary to make your car or truck perform well and tire rotation is necessary to get the maximum mileage out of your tires. We accept these marching orders and make certain we comply with the regular maintenance schedule.
When was the last time you thought about reviewing your estate plan to determine if it was in need of maintenance? In order for your estate plan to do everything you intend it to do, now might be a good time to examine it and see if changes ought to be made. Chances are that your family, your assets, your wishes and needs have changed over time since your initial estate plan was put into effect.
For example, if you are a mature couple, the initial simple will you had drafted for your family as a young couple would hardly be considered sufficient for your estate planning today. Perhaps your family was incomplete and as a growing family more children came along. Maybe you are no longer married to the person listed as the primary beneficiary in your will, on your life insurance policy or on your retirement accounts. Perhaps health issues have entered into the equation that need addressing, as well as provisions for the grandchildren who are now such an integral part of your life.
Just like your car or your tires, there comes a time when nothing is going to solve the problem except to replace them. The same is true for out-of-date estate planning tools that no longer are in touch with your family, assets and the current tax laws.
Here are a few tips from an experienced Wisconsin probate and estate planning lawyer to help you be on the lookout for times in your life that call for examination and maintenance of your estate plan. Even if there have been no major changes during the year, make sure to examine your plan every December so that necessary changes, if any, can be initiated at the beginning of the New Year.
Some events that might cause you to consider updating your estate plan are:
- Death of a spouse
- Birth of a new child or children
- Declining health
- Increased or declining assets
- Trustee or guardian’s incapacity to serve
Schedule your estate planning maintenance now with a Wisconsin lawyer experienced in probate and estate planning. There are many tools that we can use to help you plan for your family’s future, such as wills, trusts, limited liability companies, family limited partnerships, health care documents, powers of attorney and adequate insurance coverage.
Attorney Daniel J. Krause, with Krause Law Offices LLC, has helped thousands of people for nearly 14 years. We can help you.
Contact us through our website for an estate planning consultation.