I remember hearing a story about a group of American car executives that went to see a Japanese assembly line. At the end of the line, the car doors were placed on hinges just as they were in the American factories. However, in the US, a line worker would stand at the end of the line and use a mallet to make sure the edges of the doors fit perfectly. In the Japanese line there were no such people.
The Japanese had no such people because they constantly reviewed and improved their DESIGN so the doors would always fit.
There’s an analogy here to estate planning. Instead of cramming your thoughts and plans into one or two sessions with an attorney once during your life time, wouldn’t you and your family get more benefit and achieve better results with an annual review and update of your estate plan? Your family changes, tax laws change and your assets change (as we’ve all seen in the last few years) and your goals and objectives change. Your estate plan should reflect your current thinking on these matters. If you’ve redesigned your life the last few years (meaning – if how you are living, what you have and what you want to do has changed), why do you still have the static out of date plan you made 10 or more years ago? Your living trust or will should be as dynamic as your life.