Don’t Leave It to Chance: The Importance of Drafting or Updating Your Estate Plan

As we approach National Estate Planning Week (October 21-25), it’s a great time to remind ourselves why having an estate plan is so important. Whether you’ve never created an estate plan or it’s been years since you updated it, taking the time now to draft or revisit your plan can save your loved ones time, money, and unnecessary stress in the future.

Do You Have an Estate Plan?

If the answer is no, you’re not alone—but you’re also taking a big risk. Without an estate plan, you’re leaving important decisions up to the state, and your family could be left scrambling to figure out your wishes. This can lead to unnecessary legal costs, family disputes, and even the wrong people making decisions about your healthcare or managing your assets.

An estate plan is essential if you want to have control over:

• Who will inherit your assets? Without a will, the state decides who gets what.
• Who will raise your children? If you have minor children, naming a guardian in your estate plan ensures they’re cared for by someone you trust.
• Who will manage your financial affairs? A power of attorney allows you to name someone you trust to make financial decisions if you’re unable to.

Is Your Estate Plan Up to Date?

Even if you already have an estate plan, life changes quickly. A major life event, such as a marriage, divorce, the birth of a child, or a significant change in assets, may require updates to your will, trusts, or other estate planning documents.

Here are a few key questions to ask yourself:

• Has your family situation changed? If you’ve experienced a birth, death, marriage, or divorce, you’ll want to update your fiduciaries, beneficiaries and guardians.
• Do your financial assets look different? Changes to your investments, retirement accounts, or homeownership should be reflected in your estate plan.
• Do you have adult children or grandchildren? Estate planning isn’t just for young families. As your children grow up or new family members arrive, it’s important to review your plan to accommodate their needs.

The Risks of Waiting

Failing to plan ahead could leave your loved ones facing a lengthy and expensive probate process. Without a clear plan, disputes over assets and guardianship may arise, leaving your family in turmoil during an already difficult time.

Creating or updating your estate plan doesn’t have to be complicated. By working with an experienced attorney, you can ensure that all your wishes are documented and legally enforceable.

Key Documents in a Comprehensive Estate Plan

1. Will: This is the foundation of any estate plan, specifying who will inherit your assets and who will manage your estate.
2. Power of Attorney: Appoint someone you trust to make financial and legal decisions if you’re unable to do so.
3. Medical Directive: Also known as a living will, this document outlines your healthcare preferences if you become incapacitated and appoints someone to make medical decisions on your behalf.
4. Trust: A trust can offer greater control over how and when your assets are distributed, which is especially useful for minor children, special needs beneficiaries, or family members who may need help managing their inheritance.

How to Get Started

If you’ve never created an estate plan, or if it’s been a while since you updated your existing one, National Estate Planning Week is the perfect time to act. Don’t wait until it’s too late—take the first step to protect your loved ones and ensure your wishes are carried out exactly as you intend.

Let’s ensure your legacy is secure for the future.  Contact us for help.

About Melanie Levan, Esq.

Melanie Levan is a dedicated attorney with a diverse practice, focusing on estate planning, trusts, estate administration, and guardianships. Appointed by the court as an estate administrator, legal counsel, and guardian for incapacitated individuals, Melanie has a deep understanding of complex legal matters. Her straightforward approach, compassion, and commitment to clear communication help her clients navigate challenging legal issues with confidence, ensuring they make informed decisions that best suit their needs.