Forbes writer Nancy Anderson has inside knowledge when she relates the tale of a financial planner who failed for years to note -- and amend -- a key estate planning recommendation she had once made but long since forgotten about.
Because the advice she rendered was to herself.
When she was younger and newly divorced, she changed the beneficiary designation on her retirement accounts from her ex-spouse to her father. The switch gave her comfort, given her belief that dad could best provide for her young children if for some reason she could no longer do so.
As she notes in a recent article, her "fast forward 20 years" reconsideration of that move left her startled and resolved to make an immediate change. She had simply ceased to pay any attention to her beneficiary selection for two decades, a time during which her financial picture -- and her father's health and personal circumstances -- "had changed drastically."
She tells readers that, "If I'd passed away before making a change, it could have been a disaster for my family."
Now, that's a planner talking, with the thrust of her media report being a strong recommendation for individuals and families concerned with estate matters to stay reasonably on top of things after they make initial decisions.
Because things change, obviously, which can make decisions once made irrelevant and even counterproductive over time.
Experienced estate administration attorneys view as a key part of their job the role they play in helping clients timely and meaningfully update their plans regarding the future.
Life is not static. Tremendously important changes take place over time for every individual and family. Proven legal counsel can help ensure that they are reflected and purposefully responded to in estate planning that seeks at all times to be current and properly tailored.
We wish a happy and safe Thanksgiving holiday for all our readers across Massachusetts.