Mark thought he had everything figured out. He had met with a lawyer years ago to create a solid estate plan, one that he believed would take care of his family if anything happened to him. He filed the documents away and didn’t think much of them again—until life started to change.
Mark’s kids grew up. His eldest daughter got married, and his youngest moved across the country to start her own family. Meanwhile, Mark’s financial situation had changed as well. He’d invested in a small business that had taken off, significantly increasing his wealth. But in the back of his mind, Mark always figured his old plan was enough to cover it all.
Then came the phone call. His daughter’s marriage had ended abruptly, and suddenly, Mark realized his old estate plan named his now ex-son-in-law as a beneficiary. Panic set in. “What else have I overlooked?” he wondered.
When Mark came to us at Cain, Cain & Janik, he learned that his situation wasn’t uncommon. So many people create an estate plan and then file it away, assuming that it will stay relevant forever. But life changes—just like it had for Mark—and estate plans need to change with it.
Together, we revisited Mark’s estate plan and uncovered other issues:
Outdated Beneficiaries: Not only did his ex-son-in-law still stand to inherit assets, but his growing wealth also meant that his original will no longer reflected the full scope of his estate.
Changes in Law: Tax laws had shifted since he originally set up his plan, and without updating it, Mark’s family could face significant estate taxes that he hadn’t accounted for.
Evolving Family Dynamics: Mark wanted to leave more to his grandchildren so that he could help them with their education, but his old plan didn’t reflect this. Updating his plan allowed him to address these evolving family needs.
That day, Mark walked out of our office with a plan that was up-to-date, clear, and tailored to his current circumstances. He felt a sense of relief knowing that his hard-earned assets were secure, and his family was protected the way he intended.
Don’t wait until it’s too late to review your estate plan. Whether your family, finances, or the law has changed, regularly updating your estate plan ensures that it always works in your favor. Request a consultation today here, or register for a workshop here to learn more.