Like most people, you likely think estate planning is just one more task to check off your life’s endless “to-do” list.
You can shop around and find a lawyer to create planning documents for you or create your own DIY plan using online documents. Then, you’ll put those documents into a drawer, mentally check estate planning off your to-do list, and forget about them.
The problem is estate planning is more than just a one-and-done type of deal.
It will be worthless if your plan is not regularly updated when your assets, family situation, and laws change. Failing to update your plan can create problems that can leave your family worse off than if you’ve never created a plan.
The following story illustrates the consequences of not updating your plan, which happened to the founder and CEO of New Law Business Model, Ali Katz. Indeed, this experience was one of the leading catalysts for her to create the new, family-centered model of estate planning we use with all of our clients.
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