Have you ever noticed that little notification box on your computer? It pops up occasionally in the upper or lower right-hand corner, or maybe it is under a tab on the top bar. Your phone has them as well, but they are not always noticed. You may not even have to click them, but (at the least opportune time) your screen will go black or blue, turn itself off, and then turn itself back on.
What you experienced is called an “update.” You may ignore it (until your compliance team or grandkids notice). Recently, I had a different kind of update done. No, I did not get plastic surgery or hair implants (since I would have to start paying a barber). No, I updated my Estate Plan. I did not want to spend the time or money, but certain parts of my life had changed. Depending on how long you last looked at these documents, it might also be time for you to click the update button.
My motivating factor was my youngest son getting married. (He did this almost a year ago, revealing my resistance to getting one done.) My Trust, completed a decade ago prior, with a minor edit since, was built for when both my boys were minors. At that point in my life, I was concerned about who would have the legal authority to raise them and who would oversee our residual finances to ensure that effort was appropriately funded. Now, his raising falls upon my daughter-in-law. So, it was time to rebuild the trust to ensure they received their inheritance and allow me to include charitable intent.
You may not have such a “dramatic” and “apparent” change happen in your own life, but changes have occurred. For instance, maybe the person you listed as your trustee now has a medical issue that jeopardizes their future ability to serve, or they now live in another state. Worse yet, your personal representative has died. (We at MBF come across those more often than you think.) Maybe you no longer “like” the person listed in your documents (or they do not “like” you.)
Relationships or family dynamics do not always drive changes to your trust documents. My original documents were created BC (before COVID) and did not account for the rapid digital transformation that has taken place in recent years. Managing estates involves more than just physical assets; it requires addressing digital passwords, online accounts, cryptocurrency, and cloud-based documents. Without clear instructions, your loved ones or executors may struggle to access important financial and legal information. Updating your trust ensures that your estate plan reflects the modern world, securing both traditional and digital assets for the future.
I decided to hit update; maybe you should as well. If you do not know where to start, the Missouri Baptist Foundation offers a free estate planning review. Call (573) 761-0717 or email info@mbfn.org to get started today!