Failing to Plan is Planning to Fail – Benjamin Franklin

If you have some free time, google “celebrity estate planning disasters.” What you will find are lists of wealthy individuals that did no estate planning, did some estate planning but not enough, or did extensive planning but their lives changed significantly over the years without any updates to their plans.

How could they? Knowing that substantial wealth was at stake, why didn’t they create documents or review existing plans to ensure the wealth did what they wanted it to do and benefit the people and organizations they cared about?

Let me ask a question, “When was the last time you flushed your water heater?” I know, I can’t remember either, but experts will say we should do so every 6 months. Like water heaters, we tend to not think about estate planning until there is a problem. Thankfully, we don’t typically need to update our estate plans every 6 months, but if you can’t remember the last time, you did a review, it’s time to do it now.

Basic questions to ask during an estate plan review:

• Are my documents stored securely, and do the people who need to know, have access to them?
• Have any of my beneficiaries changed? (New births, marriage, divorce, or death)
• Do the beneficiaries of my retirement accounts, life insurance, and annuities match my plan?
• Are personal representatives (Executors, Guardians, Trustees, Custodians) still able and willing to serve?
• Has my financial condition changed or have tax and estate laws changed such that revisions are needed?

These are the most basic of questions and considerations.  A good estate planning attorney will help you explore details related to the particular documents you need, navigate the unique considerations of blended families, and plan around the risks and needs relevant to you and your family.

The music artist Prince tragically died in 2016. He, like many, did not have a will. His estate spent years in court, and settlements with the IRS and heirs finally reached a conclusion in 2021. While you may not be dealing with an estate the size of Prince’s, you can take steps to help be sure your wealth benefits the people and organizations important to you, efficiently and effectively.

Ben Franklin had another quote that is helpful here, “An ounce of prevention is worth a pound of cure.”

Any opinions are those of Landon Vick and not necessarily those of RJFS or Raymond James. The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete; it is not a statement of all available data necessary for making an investment decision and it does not constitute a recommendation. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional. Be sure to contact a qualified professional regarding your particular situation before making any investment or withdrawal decisions. 

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