When someone dies, heirs can be surprised to learn what the estate holds for them. They aren’t alone, either: Estates are often shrouded in some mystery even for the people who plan and manage them.
I always tell clients that estate planning is a lifetime process, not a one-time event. Part of that process includes updating your asset inventory and modifying estate plan accordingly if necessary. A recent article in the Wall Street Journal highlighted that forgotten (or hidden) assets can be the un-doing of an otherwise properly planned estate.
According to the article, “Even a plan that starts out based on a complete accounting will be thrown out of whack if the estate owner doesn't come in to update it after a big life event like marriage or the sale of a business.”
This is why we work with each of our clients to keep the lines of communication open. We utilize this blog, Twitter, website, e-newsletter and even periodic mailings to remind our clients of the need to keep estate plans current.
Additionally, we offer a free Estate Organizer Kit, which anyone is welcome request and use to help keep estate assets organized.Tags: asset inventory, estate organizer kit, estate planning, estate review, trusts, wills, wills/trusts