I recently assisted a client with reorganizing an estate after their spouse's unexpected passing. This particular client lost many family members in a short amount of time. In addition to advising on how to avoid probate, we also put some additional protections in place for the duration of my client's life. Helping clients regroup after losing a loved one and protecting them during an otherwise unfortunate time feels really fulfilling. At My Pink Lawyer®, we recommend an update every 3 to 5 years to ensure that an estate plan still meets your needs. If a major life event occurs, it is always a good idea to review an existing plan to ensure accuracy. A major life event can include birth, death, marriage, divorce, incapacity, change in circumstances, gaining or losing assets, moving into or out of a state, and more. Many times it is a major life event that initially brings clients to us to plan. Losing a loved one or experiencing the probate process can be challenging, and as a result many of our clients seek to make it easier on their loved ones when their time comes.
A recently divorced client needed major updates in their estate plan, including updates to the beneficiaries, powers of attorney, and health care directives. I worked closely with the client to understand their new circumstances and financial situation. We discussed their wishes to leave their assets, including who they would name for the key roles. I counselled them on the implications of the divorce upon their then-existing plan and suggested adjustments to reflect their wishes correctly in those documents. After long discussions, we updated the client's will, trust documents, and other legal instruments to reflect their current needs and objectives.