Your estate plan = the vehicle for your generational wishes.
Consider the analogy. When you purchase a vehicle, you understand that it will require ongoing maintenance to enable it to continue taking you to your destinations throughout the years. Regular oil changes, tire rotations, and brake checks all address wear and tear to ensure optimal performance.
The same goes for your estate plan. If it is not maintained properly, it will become rusty, outdated, and ineffective. If you want your estate plan to successfully drive your wishes home when it matters most, you must be committed to its ongoing maintenance.
You might ask:
Will You Charge Me When I Need to Make Changes to My Plan?
It’s a common question from clients. Others may be surprised when changes or consultations incur a fee. We understand your concerns and want to explain why these charges are necessary and reflect the value of ongoing support and maintenance.
Estate Plan Changes Are Never a ‘Small’ Edit
Even minor adjustments require careful consideration and dedicated time to ensure that everything is correctly updated to enforce your wish:
● Legal Precision: Every change must comply with current laws and avoid unintended effects on other aspects of your plan.
● Document Updates: Modifications involve preparing and validating legal documents, which must be meticulously checked and then sometimes re-signed or notarized.
● Coordination with Financial Institutions: Updating beneficiary designations or other instructions with banks, investment firms, or insurance companies can be time-consuming.
● Impact Assessment: Changes impact your overall estate strategy and can have tax implications, requiring thorough assessment to ensure that they align with your long-term goals.
Addressing even seemingly small changes involves a series of tasks that add up:
● Phone Calls and Emails: Answering questions and providing information via phone and email requires time and attention to detail.
● Setting Up Meetings: Coordinating schedules and preparing for discussions involve our staff’s effort and time.
● Document Preparation: Printing, scanning, and filing necessary documents take time, even if the actual change is just a few words, names, or lines.
● Review and Consultation: Reviewing your plan and consulting with you to understand changes involves professional expertise and time.
While they may be small on their own, these collectively contribute to the comprehensive service we provide. Such ongoing service and maintenance are not part of the initial setup but are crucial to keeping your plan effective and up-to-date.
Consider Routine Maintenance for Your Estate Plan
● Family Changes: Births, deaths, marriages, and divorces can significantly impact your estate plan. Ensuring your plan reflects your current family situation is crucial.
● Financial Changes: Increases or decreases in assets, new investments, or changes to your financial status may necessitate adjustments to your estate plan.
● Legal Updates: Estate laws can change, and staying compliant with new regulations is vital to ensuring your plan’s effectiveness.
● Personal Wishes: Over time, your personal wishes may evolve, and your estate plan should accurately reflect these changes.
Introducing: The Heirloom 360° Maintenance Plan
To ensure that your estate plan is always up-to-date, our firm offers convenient maintenance plans. These plans offer answers to all your questions and small changes to your estate plan at one flat annual fee. You know the cost in advance, and won’t hesitate to ask questions or request changes out of concern for additional charges. By subscribing to a maintenance plan, you enjoy peace of mind that your estate plan will remain current, in force, and 100% aligned with your wishes.
Our Commitment to You and Your Family
We are committed to providing you with the highest level of service and support. Our goal is to ensure that your estate plan remains a true reflection of your desires, and adapts to your changing circumstances. The costs associated with these services are a crucial investment in the security and effectiveness of your estate plan.
If you have any questions, want to make changes to your estate plan, or would like more information about our maintenance plans, please do not hesitate to reach out to us. We are here to help.
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