Estate planning includes the process of documenting our intentions so that they are known after we pass away. Done well, the process is straight-forward, and the outcomes align with one’s original vision. Not done well, or ignored, the process can be quite difficult, time consuming, and leave heirs with complicated situations to sort out. As Cheryl Munk of The Wall Street Journal highlights in Haven’t Updated your Estate Plan in a While? It’s time, 52% of children report that they haven’t had detailed conversations with their parents about their intentions once they pass away.
Clients who have gone through the process of building their estate plan should make sure they keep this plan updated regularly. Carlson Capital Management recently authored an article titled Five Key Estate Planning Matters to Consider Annually, which provides useful advice for those with an established estate plan.
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