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5
ESTATE PLANNING
Common
Pitfalls
of an Outdated
Estate Plan
ESTATE PLANNING
I
often fi nd myself reassuring clients who feel guilty and embarrassed
for not updating their estate plan when a major life event occurs;
however, I fi nd it more common for someone to have never created
a plan in the fi rst place. Do you remember the last time you reviewed
your estate plan? After you were married? Or after the birth of your fi rst
child? Maybe 30 years ago when your children were young. Or was it
prior to your second marriage?
Most people respond to my question “Who is your fi duciary?” with
a blank stare. A fi duciary is a person or entity you have appointed to
legally control your assets when you become unable to do so. Legally,
the fi duciary has to act in your best interest when serving as your
A C onCierge L Aw F irm
s Estate Planning:
Wills, Power of Attorney,
Trusts
s Guardianships:
Minor, Incapacitated
s Special Needs Planning
s Planning for Veterans
s Long Term Care
Planning
s Estate & Trust
Administration
s Asset Protection Plan
s Tax Planning
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contilawpgh.com s michele@contilaw