by Tawnya Gilreath

Wondering Whether You Need to Update Your Estate Plan? Yes, You Do, and Here’s Why

Estate and Business

Please allow us to be candid. It’s unrealistic to think that a piece of paper you draft, reflecting your life at a certain time, will work when your life has completely changed some years later. We’ll use the Campbell family as an example.

Meet Robert and Terri Campbell. They got their first estate plan in place when their daughter, Jamie, was born 28 years ago. They updated it when their son Samuel came along 4 years later. About 10 years ago, they got a fantastic trust-based plan in place, protecting themselves, their children, their grandchildren, and their dog, Maddie.

Unfortunately,  life got busy and, as you might guess, the Campbells put their documents in their safe and never scheduled a review or update of their documents.

Here’s what’s changed in their lives in the last 10 years. Read More

by Tawnya Gilreath

Are Any of These 11 Mistakes Lurking in Your Estate Plan?

Estate and Business

Does your estate plan measure up? Are any of the following 11 estate planning mistakes lurking in your estate plan?

1) Lack of Healthcare and Disability Planning. The majority of deaths occur in hospitals or other institutions. Patients may be incapacitated to the point where they can no longer communicate their healthcare wishes. Advance Directives and a Healthcare Power of Attorney can identify healthcare proxy decision-makers, specify wishes for end-of-life care, and provide a formal plan to control financial and property matters. Read More

by Tawnya Gilreath

How Often Do You Update Your Estate Plan? More Often Than Your Resume?

Estate and Business

A resume is a “snapshot” of your experience, skill set, and education which provides prospective employers insight into who you are and how you will perform. Imagine not updating that resume for 5, 10, or even 15 years. Would it accurately reflect your professional abilities? Would it do what you want it to do? Likely not. Estate plans are similar in that they need to be updated on a regular basis to reflect changes in your life so they can do what you want them to do. Outdated estate plans – like outdated resumes – simply don’t work. Read More

by Tawnya Gilreath

Big “Life Changes” Often Mean Big “Estate Plan Changes”

Estate and Business

Many people who put together an estate plan do so when they start a family – assuming they put an estate plan together at all during their lifetime. While putting an estate plan together is a good thing to do, many people make few updates once the plan has been created, despite other key life events happening over the years. This is a major mistake that can place your hard-earned money and assets into a costly probate or into the wrong hands. To make sure you do not run into these issues and your wishes are followed in the event of your death or incapacity, below are nine life decisions or events that should get you thinking about updating — or creating — your estate plan right away. Read More