I once conducted a workshop on estate planning, and at the end, the moderator asked each attendee, “On a scale of 1-10, how’s your estate plan?” I had just explained that there’s so much more to an estate plan than just having a Will. As described below, a Will is just one component. As the room of participants gave honest answers (most of whom answered a 5 or below), it was my turn to answer. The room expected me to say “10.” When I answered “7,” the shock was palpable.
Why did I grade my estate plan a 7? I had a good Will and basic estate planning documents. But I had been listening to my own words that day and realized I had fallen short on some of the more sophisticated aspects of an estate plan.
My true confession was a harsh wake-up call for me. It was time for this cobbler to fly home and take care of my own shoes. And that’s what I did. I could then proudly answer, “My estate plan is a 10!”
However, I realize that over time, I’ve slipped back to an 8 or 9. The thing about estate planning is that you can never put it away and think “I’m all set.” Things change over time: your family, your assets, the law. To remain a “10,” an estate plan has to be regularly reviewed and updated.
For years, our rule of thumb at The Blum Firm has been to review your estate plan every four years, or sooner if changes necessitate. We conveniently tie it to presidential election years, as that’s an easy reminder. Well, here we are in just such a year. November is just around the corner.
If you need more persuasion, August happens to be “National Make-A-Will Month.” As August is now only days away, I hope that’s extra motivation to not only have a Will, but to update your overall estate plan.
To elaborate on my above assertion that an estate plan is more than a Will, here’s a slide from my workshop:
After conducting a workshop on estate planning, Marvin Blum shockingly graded his own plan a “7 out of 10.” Within weeks, Blum brought it up to a 10.
