Does Your Estate Plan Have a Maintenance Plan?
When a person sits down with an estate planning attorney they will go through the ins and outs
of their estate. They will designate executors, determine who inherits what and basically plan
out the future of their estate. Though this is all common practice, what is not common is
maintaining that estate plan. After all of that work, it is important for a person to revisit their
estate plan and make sure it is still relevant – otherwise they might face a costly bill in Probate
Court down the road.
As life goes on, things will ultimately change. People get married, have kids, divorce, acquire
new assets, etc. Therefore, every two years you should revisit your estate plan and make sure it
is still relevant. If something has occurred that was unexpected (i.e., the death of a spouse)
revisit your estate plan sooner than the two year period to have it updated immediately.
Do Maintenance Plans Cost Money?
Most estate planning attorneys will charge you an annual maintenance fee. Though this seems
pointless, consider this:
You pay annually for life insurance
You pay annually for health insurance
You pay annually for a gym membership you most likely never use that often if at all
There are dozens of things you can pay for annually and even though they do not give you
instant rewards, the money and time spent maintaining them pays off in the end.
Experienced estate planning attorneys Brooklyn NY of the Minko Law Office offers estate
planning and business planning resources to residents of Brooklyn NY. To learn more about
these free resources, please visit www.minkolaw.com/ today.v