Many of you baby boomers already have a will, trust or entire estate plan. You went to your estate planning attorney years ago when you were just starting your career, maybe had toddlers pitter pattering around the house, and were just starting to build your assets and retirement accounts. You have your will, your powers of attorney, potentially a trust, and you feel that you are good to go. But just stick with me.
Fast forward 30-40 years to today and take a look at your life. What is different about your life now? Have your relationships changed? Have family members or close friends passed away? Have you moved to another state? What is going on in your retirement accounts? Are your children now adults or have their own children? Have you increased or decreased your wealth and assets? Have you downsized?
If any of these questions ring true for you, then it is time to revisit your estate plan and make sure it is updated accordingly. An up to date plan should carry out your wishes and be structured for tax efficiency as laws change. Any and all concerns should be addressed sooner rather than later.
