About five years ago I invested in a tuxedo – shirt, tie, studs, shoes – the whole nine yards. Formal wear is not something I need often, but when I do it’s convenient to have it right there, in my closet, ready to go. And with no more tuxedo rentals, the tux has proven to be a worthwhile wardrobe investment.
I recently pulled out the tux and tried it on in anticipation of an upcoming event. Something was different. Actually, it was me. My commitment to a healthier, more active regimen was paying off, but the tuxedo was going to need some adjustments. I went to go see the tailor.
It’s a good reminder for us and for our clients. Call it, if you will, a first principle of estate planning: What fits you now won’t fit you forever.
Estate planning professionals understand that an estate plan is not something you do once, check off on your bucket list and you’re done. It’s not a one-time affair. Like the tuxedo with its various pieces from bowtie to shoes, a well-designed estate plan is complete, integrating all the necessary elements, i.e. Durable Powers of Attorney – Medical and Property, Beneficiary Designation forms, Living Wills, one or more trusts (Irrevocable Trust, Living Revocable Trust, etc.), a Pour-Over Will. And like the tuxedo that fit me five years ago and doesn’t today, over time changes will inevitably occur – some predictable and intentional, others unexpected. Those changes will impact how well an estate plan fits. That’s where an experienced tailor – and an experienced estate planner – become very valuable players.
Even the most thoughtful, comprehensive estate plan can’t anticipate all of life’s inevitable curves and changes. From personal events (marriage, divorce, births, deaths) and economic events (reversals of fortune, major economic swings) to legislative events (inheritance, tax code changes), a well-drafted estate plan is one that is adjusted as needed to accommodate the client’s changing world.
As you run through the estate planning checklist with your client, be sure to spend some time discussing the importance of reviewing and adjusting the plan – at regular intervals and whenever significant life events occur. In estate plans – as in tuxedos – a tailor-made fit works best.
