In recent days I was reminded of this piece of advice in both my own personal situation and a friend’s situation. Many of us think, well I did my will, health care proxy, durable power of attorney. I am all set.
But when was the last time you reviewed it?
I recently took a toss skiing and luckily did not suffer any great injury but got a bit of scare. I went to the office the next day and reviewed my paperwork. The person I named health care proxy was out of the country for an extended period. He could not have helped me in this emergency situation. Other tweaks needed to be made to my estate plan, as in not leaving everything to the 81 year old dad if my son predeceased me.
A friend of mine was in a major auto accident caused by a large truck. He had recently gotten married, but did not change his will. What if something happened to him? His children would have gotten his estate, and his wife probably less than he wanted.
Lesson of the story? Review your estate plan every 5-10 years with an estate planning attorney. Now I am convinced.