Happy New Year!  Now add “update my estate plan” to that long list of new resolutions for 2015.  Here are several reasons to do so:

Major Events in 2014

Did you experience any significant life changing events in 2014?  If so, your estate and asset protection plan should be reexamined.  Here are a few examples of events which often require revisions to old plans:

• New marriage
• Recent divorce
• New child or grandchild
• Purchase of a new primary residence or vacation property
• Receipt of an inheritance
• Diagnosis of an potentially life-changing illness or disability
• Loss of a loved one
• Recent Retirement

All of the above events require a re-examination of an old estate plan to ensure that your wishes, goals and assets remain secure.

Old Estate Plan

Is your plan more than three years old?  If so, does it still reflect your wishes?  If any of the major events noted above have already occurred, then your plan should be revised.   Estate planning is not a “one and done” event.  A proper plan evolves with you as life changes.  To ensure that your plan remains current, you should schedule a follow up meeting with your estate and asset protection lawyer in 2015.

No Estate Plan

Everyone should have at least a basic estate plan consisting of a will, health care proxy and power of attorney regardless of your age, health or wealth.  That basic foundation avoids guardianship and conservatorship in the event of incapacity and identifies your wishes should you pass away.  Once that basic foundation is in place, then you have the ability to build upon it to address other needs such as probate avoidance, estate tax minimization or asset protection in the event long-term nursing care is required.

This resolution is not difficult if you already have a plan in place.  All you need to do is schedule the follow up meeting.   It may be easier to put off if you don’t have an estate and asset protection plan, but once you make the call, you’ll feel a lot better knowing you’ve taken the first step toward protecting what’s important.

Wishing you a healthy and prosperous New Year,

Eric R. Oalican