Tune-up Time
One of our cars was running a little rough so I took it into our local mechanic last week for a tune-up. Turns out in addition to the tune-up I was a little behind on some of the maintenance. A new water pump and timing belt later and the car is ready to run. I could have postponed the work, but eventually it had to be done and if I had not taken care of it quick enough, there may have been some real damage to the car.
Just like a car needs regular maintenance and upkeep to keep it running well, an estate plan also needs regular maintenance to ensure that it will work effectively when called upon. A recent article from Bonnie Bowles outlined several reasons your estate plan may be outdated. Those reasons could include:
You have purchased real estate or another major asset.
You have had a child or someone else named in the plan die, get married or divorced.
You have gotten married or divorced.
You have started, purchased or sold a business.
You have moved to a new state.
There are just a few of the reasons you would want to review and update your will, trust or other estate planning. If it has been more than a couple of years since you last reviewed your estate plan documents I would encourage you to get with your attorney soon. At Hallock & Hallock, we encourage our Clients to consider participating in our trust maintenance program to get on a regular schedule of maintenance and upkeep. Make sure you keep that will or trust up to date so your family doesn’t find itself figuratively stranded on the side of the road.
