Although we don’t see it, of course, even something as endurable as the Grand Canyon undergoes transformation.
In short, things change across virtually every sphere.
Take estate planning and administration, for instance. Experienced attorneys routinely work closely in that realm with diverse and valued clients. They help them execute sound and tailored tools (wills, trusts, powers of attorneys and other documents) that optimally promote their interests in key life areas.
Those embodied strategies are crafted to stand the test of time – until things change.
Why flexibility is a key component of estate planning
The “why” in the above header can be quickly answered. Most things in life – including estate planning essentials – simply require periodic updates. We’ve all likely heard the adage that the only two constants in life are death and taxes. Everything else is subject to adjustment.
That includes well-considered and tightly crafted estate planning strategies. Concerns relevant to wealth preservation, lawful tax avoidance, the passing of assets to future generations, the special needs of loved ones, decision-making capacity, legacy considerations and more are all carefully addressed via initial planning.
That planning is firmly focused on the future. Even so, altered circumstances frequently emerge that logically mandate material modifications in later years.
What types of change drive estate planning adjustments?
Obviously, not all altered life circumstances require a corresponding response via updated estate planning documents.
Many do, though. Just consider the following:
- A planner’s divorce
- Death of a spouse
- Second or subsequent marriage
- Material changes involving children (for example, a birth, death or adoption)
- Formation, expansion or dissolution of a business
- Significant changes to assets or liabilities
- Legal changes relevant to things like taxes and inheritances
- Planner’s decision-making impairment
- Elder care concerns
- Loved ones’ special needs
All these things and more can require a revisited planning strategy and modification.
Again, that is only natural. And, in fact, it spells a valued opportunity to ensure that an existing plan remains sound and fully updated.
A proven legal team can help with that.