Estate Planning

Legacy planning in a time of uncertainty

As the world continues to deal with the impact and aftermath of the coronavirus, it’s a very natural time for people to consider their legacies. Some have a newfound sense of their own mortality, while others are motivated by the economic fallout of the virus, or its potential effects on the political environment. For whatever reason, many people have developed an immediate sense of urgency around organizing their estates, whether it’s a matter of establishing a solid working plan or making sure existing plans reflect their present lives.

The events of 2020-21 also have made people aware that they might need to revisit their estate plans more often than they had been. Ordinarily, we recommend checking in on your plans once a year, but circumstances may prompt you to revisit more frequently — not only events such as the coronavirus but also life milestones such as the birth of a new grandchild, or a significant change in tax laws. Changes to families and changes to laws can both be pretty dramatic and can shift an entire estate plan.

While the protocols around social distancing may have complicated the traditional process of estate planning, remote and virtual ways of communicating with your financial advisor can make it easier. Talk to your advisor for more details about making or updating your trust and estate plan.