The app Weather Wear “takes the guesswork out of your fashion choices by analyzing the forecast and providing suggestions. As you swap and add missing items, Weather Wear learns your preferences and gets more accurate.”…
As is true in wardrobe planning, estate planning involves both taking stock and looking ahead. “Swapping and adding” are needed to make sure your wishes are “accurately” stated and able to be honored. The attorneys at our Indiana estate planning firm remind clients that, even if all their essential documents have been created and properly stored, life “swaps” inevitably happen, perhaps including:
- newly born children, grandchildren, nieces ,or nephews
- new marriage partners that need to be added to the list of beneficiaries
- assets that have been acquired or sold
- new online accounts (or accounts that have been discontinue)
- health-related changes (either in your own health or in that of someone to whom you’ve assigned Powers of Attorney)
- events (either world events or special challenges faced by friends right here in Indiana) that have changed your mind about which causes you most want to benefit with your charitable giving
- changes in your attitude about organ donation
- changes in your approach to passing on your business
- changes in tax law
- you’ve moved your primary residence to a different state
For relatively minor changes to your estate planning documents, such as adding a new beneficiary, you may be able to use what is known as a “codicil” to your will. At Geyer Law, we encourage – and help host – family conferences to help both older and younger generation family members take the after-the-fact “guesswork” out of clients’ estate planning decisions. Not only does such a meeting ease the process of make additions and changes due to “life swaps”, it makes settling parents’ affairs much simpler later on.
As is true for wardrobe planning, estate planning is no “one-and-done” affair. It is the very process of “swapping and adding” that makes – and keeps – the plan more accurate.
– by Rebecca W. Geyer
