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Law Offices of E. Garrett Gummer, III

Your Estate Plan Needs Maintenance
1260 Bustleton Pike
Feasterville, PA 19053
215-396-1001

"Your Estate Plan Needs Maintenance"

By E. Garrett Gummer, Esquire


When you buy a new car, everything works perfectly. But then in 3,000 miles, it's time for an oil change. Also, you must keep your eye on the level of coolant in the radiator, the transmission fluid, and ensure that the alternator works to keep the battery charged. What happens if you don't maintain your car? Your engine could burn up. Your battery could go dead. Your transmission could fail. All of which means you are stuck on the side of the road trying to hitchhike to the nearest town.

Your estate plan is like your car. When you set it up, everything is current and accurate. But you need to keep your eye on your assets, insurance, powers of attorney, distribution, beneficiaries, and so much more. That is why it is important that you meet with your attorney every year or two.

You should review your estate plan with your attorney any time
  1. you get married,
  2. you and your spouse divorce,
  3. your spouse dies or becomes incapacitated,
  4. your health changes,
  5. you have or adopt a child,
  6. your children marry or divorce,
  7. a potential problem arises with a beneficiary,
  8. the value of your assets changes,
  9. your employment changes,
  10. your business interests change,
  11. you retire,
  12. you acquire property in another state,
  13. you move to a different state,
  14. or something happens to a person named in your estate plan that could affect your relationship or the duties that person is to perform on your behalf.

But wait.

Is your estate plan really like your car? It's more accurate to say it's like a fire engine - ready to handle any emergency at a moment's notice. If your spouse has a heart attack, you want the paramedics - right now! You don't want to call 911 and have the dispatcher explain to you that the fire truck has a dead battery. Yet, that is exactly what people do with their estate plans. They invest hard-earned money to set up their plans; then they put their plans in a drawer or safe deposit box where they gather dust for many years - often without updating the plan even once!

And then, when these people have an emergency, do you know what happens? They dig out their paperwork only to learn that their plan no longer works. It was custom designed to fit their specific needs many years ago, but now their needs, and often the law, have changed and no one updated the plan. What a tragedy!

Your estate plan must be fully operational, ready to handle any emergency at a moment's notice. If your spouse dies, you don't want a judge to tell you that your estate must go through probate because your revocable living trust has not been properly maintained and updated. You need your estate plan to be ready for any emergency-24 hours a day - because you never know when you might need it.

An out-of-date estate plan isn't worth the paper it's written on. But a current estate plan that works precisely the way it should - protecting your family and safeguarding your assets, is the greatest gift of love you can give to your family, your spouse, and yourself. Your custom designed estate plan, created specifically for you - combined with yearly maintenance meetings to keep it in tiptop shape - is the best investment you'll ever make.

For more information, contact the Elder Law Offices of E. Garrett Gummer, Ill, at (215) 396-1001.