Every Groundhog Day, Punxsutawney Phil crawls out of his hole, sees his shadow, and retreats back into the darkness. If that feels like your relationship with your legal paperwork, we have a problem.
Most people treat estate planning like a "one and done" event. You did it once in 2004 when your baby was in diapers and your biggest asset was a Honda Accord. Well, that baby is now 22, has a tattoo you hate, and that Accord is in a junkyard. If you haven't looked at your Will since the Bush administration, you're living in a legal time loop.
In the movie Groundhog Day, Bill Murray has to get everything perfect to escape. In the real world, if you die with an outdated Will, your family is the one stuck in the loop: the loop of probate court, where they pay hourly fees to argue about whether you really wanted your ex-brother-in-law to be the executor of your estate.
Action plan
- Locate your Will. If it's in a safe deposit box at a bank, move it. (Banks seal those upon death, which is a hilarious joke the universe plays on your heirs.)
- Check the "Guardian" section. If the person listed is now 85 or lives in a yurt in Mongolia, it's time for an update.
- Call me if your Successor Trustee is someone you haven't spoken to since the Obama era.