My Estate Planning is Done, Now What? Ensuring the Success of Your Estate Planning
You’ve completed your estate planning or are in the process of completing it. Congratulations! That was the most important step in protecting your estate and ensuring your legacy.
At Lubnau Law, we believe great Estate Planning is not completed at your signing ceremony. It requires clients and their loved ones to be educated about their estate plan. Ensuring clients and their families understand how their estate plans work equips them to make educated decisions and updates, as well as helps them know when to ask for help. Have you discussed your estate plan with your loved ones? Do your children understand their future roles and responsibilities? Have you communicated with your family your specific wishes and desires? Have you taken time to fill out the My Legacy section of your estate plan? How long has it been since you have met with your attorney to review your plan? A lack of education and poor communication are the most likely reasons a great estate plan is not as effective as it was intended to be.
As you learned during the estate planning process, great estate planning serves you and your family through three phases: 1. Life; 2. Incapacity; and 3. Death. Your estate plan requires maintenance to work the way you intended, and certain life events will necessitate updating your estate plan. These include changes to the law, your assets (i.e. bought a new house, switched banks or investment brokers), family circumstances (i.e. birth, death, incapacity, divorce, remarriage, deterioration or reconciliation of a relationship), or you or your beneficiaries’ finances or health. You may also be considering long-term care and its costs or experiencing signs of dementia or Alzheimer’s. Decisions you made 3, 5, or 20 years ago may not be the decisions you would make today. Periodic education and review of your estate plan can identify when you need to act.
On September 4, 2024, at 5:00pm, Lubnau Law is offering a free Trustee Training Webinar with Nick Norris. This webinar will remind you how your plan works and discuss important maintenance and vital action items. Trustee Training will help you start a conversation with your loved ones and provide the necessary resources for that conversation. It will also teach your loved ones to carry out your wishes, what their responsibilities are, what tools they have, and what triggers and risks they should be watching for.
Who is Trustee Training for? It is for you (no matter how long ago you established your estate plan), the people you will trust to carry out your wishes, and your beneficiaries.
At Lubnau Law, we are always here to help! It is our goal to ensure you have an estate plan to serve you and your family, no matter what changes or issues you encounter. Take this opportunity to refresh your knowledge about your estate plan, and if you have questions or concerns, call (307) 682-1313 to schedule a review.