By Attorney Phil Kavesh
After decades of helping families with their estate plans, one thing is clear: life never stands still. Families grow, goals shift, and financial and personal situations change- - of both parents and children - - often in ways we don’t even notice at first.
That’s why the start of a new year is such a good time to review your living trust and estate plan. A simple checkup helps ensure your plan still reflects your wishes and continues to protect the people you care about most.
At Kavesh, Minor & Otis, we’ve spent almost 45 years helping families create plans designed to last-- and just as importantly, to adapt as life evolves.
I often tell clients that estate planning is a bit like going to the doctor. You don’t always go because something hurts-- you go so nothing will in the future. A regular checkup now can save a lot of discomfort later.
Life Changes — Sometimes Without Much Warning
Life doesn’t usually announce when it’s time to update your plan. Changes often happen gradually and in meaningful ways:
- The birth or adoption of a child or grandchild
- Your or a child's marriage, divorce (or pending one), or remarriage
- The loss of a loved one
- Children growing older and becoming adults
- Children`s financial capabilities or situations changing (for good or bad)
Any one of these events can affect how your plan works. Reviewing your trust allows us to make thoughtful adjustments that keep everything aligned with your current wishes.
Keeping Your Trust and Assets in Sync
A well-designed trust works best when it’s properly coordinated with your assets. Over time, many families acquire new property, open new accounts, or make changes to existing ones.
It’s important to ensure:
- Real estate is titled correctly
- New assets are accounted for (and also titled correctly)
- Business interests are coordinated with the trust terms
- Beneficiary designations still reflect your intentions (particularly on certain bank accounts, annuities, life insurance, IRAs and other retirement plans)
When everything works together, your trust can do what it was intended to do — avoid probate, reduce delays, expenses and publicity, and protect your family.
Your Goals May Look Different Than They Once Did
Your estate plan should reflect not just what you own, but what matters to you.
Over time, many clients want to:
- Adjust how and when assets are distributed, to better protect loved ones and to better provide for them over their lifetime
- Plan ahead for long-term nursing or health care
- Support charitable causes
These changes aren’t a sign something was wrong with your original plan — they’re a sign your life (or theirs) has grown and evolved.
Start the Year With Confidence
Your estate plan should give you peace of mind, not doubts or unanswered questions. A New Year Trust Checkup isn’t about starting over-- it’s about making sure your plan is current, coordinated, and ready when your family needs it.
If it’s been more than 3 years since your last review, or if life has changed in any meaningful way, now is an excellent time to schedule a free trust checkup. Just give us a call at 1.800.756.5596.
Here’s to a new year guided by clear intentions, and filled with the confidence that comes from knowing your plan and loved ones are properly taken care of.
P.S. For a list of other factors to consider when deciding if it's time to schedule a free attorney review meeting, click here.
