November 6, 2020 is “National Love Your Lawyer Day,” which started in 2001 as a way to celebrate lawyers for their positive contributions and encourage the public to view lawyers in a more favorable light.

If you’re like most people, you likely think estate planning is just one more task to check off of your life’s endless “to-do” list.

You may shop around and find a lawyer to create planning documents for you, or you might try creating your own DIY plan using online documents. Then, you’ll put those documents into a drawer, mentally check estate planning off your to-do list, and forget about them.

The problem is, estate planning is not a one-and-done type of deal.

In fact, if it’s not regularly updated when your assets, family situation, and the laws change, your plan will be worthless. What’s more, failing to update your plan can create its own set of problems that can leave your family worse off than if you’d never created a plan at all.

Will your plan work when your family needs it?

We hear similar stories from our clients all the time. In fact, outside of not creating any plan at all, one of the most common planning mistakes we encounter is when we get called by the loved ones of someone who has become incapacitated or died with a plan that no longer works. Yet by that point, it’s too late, and the loved ones left behind are forced to deal with the aftermath.

We recommend you review your plan annually to make sure it’s up to date, and immediately amend your plan following events like divorce, deaths, births, and inheritances. This is so important, we’ve created proprietary systems designed to ensure these updates are made for all of our clients, so you don’t need to worry about whether you’ve overlooked anything as your family, the law, and your assets change over time.

Furthermore, because your plan is designed to protect and provide for your loved ones in the event of your death or incapacity, we aren’t just here to serve you—we’re here to serve your entire family. We take the time to get to know your family members and include them in the planning process, so everyone affected by your plan is well-aware of what your latest planning strategies are and why you made the choices you did.

Unfortunately, many estate planning firms do not engage with the whole family when creating estate plans, leaving the spouse and other loved ones largely out of the loop. We believe the planning process works best when all of your loved ones are educated and engaged. We can even facilitate regular family meetings to keep everyone up-to-date.

Built-in systems to keep your plan current
Our legal services are designed to make estate planning as streamlined and worry-free as possible for both you and your family. We don’t just create legal documents and put the onus on you to ensure they stay updated and function as intended—we take care of that on our end.

For example, our built-in systems and processes would’ve prevented two of the biggest mistakes made by the lawyers who created her father-in-law’s plan. These mistakes include: 1) not keeping his assets properly inventoried, and 2) not properly titling assets held by his trust.

Maintaining a regularly updated inventory of all your assets is one of the most vital parts of keeping your plan current. We’ll not only help you create a comprehensive asset inventory; we’ll make sure the inventory stays consistently updated throughout your lifetime.

As to properly titling assets held by a trust, when you create a trust, it’s not enough to list the assets you want it to cover. You have to transfer the legal title of certain assets—real estate, bank accounts, securities, brokerage accounts—to the trust, known as “funding” the trust, in order for them to be disbursed properly.

While most lawyers will create a trust for you, few will ensure your assets are properly funded. We’ll not only make sure your assets are properly titled when you initially create your trust, we’ll also ensure that any new assets you acquire over the course of your life are inventoried and properly funded to your trust. This will keep your assets from being lost, as well as prevent your family from being inadvertently forced into court because your plan was never fully completed.

For the love of your family

Our planning services go far beyond simply creating documents and then never seeing you again. In fact, we’ll develop a relationship with your family that lasts not only for your lifetime, but for the lifetime of your children and their children, if that’s your wish.

Disclaimer: The content provided on this website by 5 West Legal Services, PLLC, is for informational purposes only and is not intended to constitute legal advice. For personalized legal advice related to your specific situation, it is essential to consult with a qualified attorney. Please be aware that viewing this website, downloading content, using forms, tips, or information kits, or any other form of interaction with this site, does not create an attorney-client relationship. Such a relationship can only be established through a fully-executed, written agreement. Additionally, it’s important to note that client testimonials or endorsements found on this website do not guarantee or predict the outcome of your legal matters. We are committed to ensuring the accessibility of our website to individuals with disabilities and strive to provide an inclusive online experience. Thank you for visiting our website. Your use of this site indicates your acceptance of these terms.

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5 West Legal

5 West Legal Services, PLLC is a boutique estate planning law firm. We focus on long-lasting partnerships, offering personalized legal solutions for wills, trusts, powers of attorney, and more. Serving the community and health care industry, our experienced attorneys guide you through the estate planning process with compassion and commitment. Choose 5 West Legal Services to secure your family's future and experience the difference of a truly personal approach. Let us be your partner in securing your family's future.

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